Pensions Bill — Lords Amendment — 18 Nov 2004 at 13:34
359 Before Clause 229, insert the following new Clause- "Removal of compulsion to take annuities Notwithstanding any statutory provision or rule of law to the contrary, the requirement for pensioners to take their pension in the form of an annuity, together with the requirement to do so by the age of 75, shall cease to have effect, provided that the pensioner can demonstrate that he has resources to ensure that he will not become dependent on means-tested benefits."
359A The Commons disagree to this amendment for the following reason-
Because it would alter the area of taxation, and the Commons do not offer any further reason, trusting that this reason may be deemed sufficient.
359B The Lords do not insist on its Amendment No. 359, to which the Commons have disagreed for their reason numbered 359A, but do propose the following Amendment No. 359B in lieu thereof-
Insert the following new Clause- "Amendment of rules to take pension annuities by the age of 75 Any statutory provision or rule of law requiring a pension to be taken in the form of an annuity by the age of 75 shall be amended so that the age limit is 85."
359C The Commons disagree to this amendment for the following reason-
Because it would alter the area of taxation, and the Commons do not offer any further reason, trusting that this reason may be deemed sufficient.
rose to move Amendment No. 359D, as an amendment to the Motion that the House do not insist on its Amendment No. 359B, to which the Commons have disagreed for their reason numbered 359C, at end insert "but do propose Amendment No. 359E in lieu thereof-
359E Insert the following new Clause- "Amendment of rules to take pension annuities by the age of 75
Any statutory provision or rule of law requiring a pension to be taken in the form of an annuity by the age of 75 shall be amended so that the age limit is 80."
On Question, Whether the said amendment (No. 359E) shall be agreed to?
Their Lordships divided: Contents, 96; Not-Contents, 119.
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