Pensions Bill — Report (2nd Day) — 3.39 pm — 26 Feb 2014 at 18:58
Amendments 30 and 31
Moved by Lord Freud
30: Schedule 18, page 104, line 24, leave out “work-based”
31: Schedule 18, page 104, line 42, leave out “work-based”
Amendments 30 and 31 agreed.
Amendment 31A
Moved by Lord Browne of Ladyton
31A: After Clause 47, insert the following new Clause-
“Decumulation
(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 its members with-
(a) an assisted path through the annuity process;
(b) ensuring access to most annuity providers;
(c) minimising costs; and
(d) ensuring that information and support is available on alternative at-retirement products.
(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.”
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