Pensions Bill — New Clause 11 — Require Direction to or Provision of Brokerage Service — 29 Oct 2013 at 16:47
Oliver Letwin MP, West Dorset did not vote.
The majority of MPs voted against requiring work based pension schemes to pass their clients onto, or provide, an annuity broker at the relevant time.
MPs were considering the Pensions Bill. The motion rejected in this vote was:
- That the clause be read a Second time.
The clause in question was New Clause 11, titled Decumulation, it stated:
- (1) Any qualifying money purchase scheme must direct its savers to an independent annuity brokerage service or offer such a brokerage service itself.
- (2) Pension schemes shall ensure that any brokerage service selected or provided meets best practice in terms of providing members with—
- (a) an assisted path through the annuity process;
- (b) ensuring access to most annuity providers; and
- (c) minimising costs.
- (3) The standards meeting best practice on decumulation shall be defined by the Pensions Regulator after public consultation.
- (4) The standards set out in subsection (3) shall be reviewed every three years and, if required, updated.’
-  Parliament's webpage on the Pensions Bill (now an Act)
-  Official Record, House of Commons, 29 October 2013
Votes by party, red entries are votes against the majority for that party.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (No)||Minority (Aye)||Both||Turnout|
|Con||249 (+1 tell)||0||0||82.0%|
|Lab||0||213 (+2 tell)||0||83.3%|
|LDem||49 (+1 tell)||0||0||89.3%|