Conservatives have achieved a significant victory for Hertfordshire?s pensioners by moving forward a new law for the reform of annuities. The proposed Bill debated before the House of Commons on 7th March would reform rules on annuities so that pensioners are no longer forced to cash in their pension fund for an annuity at age 75.
Peter Lilley, MP for Hitchin and Harpenden, said:
“I welcomed the Conservative Party?s commitment, announced last October, to reform the rules surrounding annuities so that pensioners would no longer be forced to purchase an annuity at age 75 and was proud to vote for this change on Friday morning. Labour were determined to block this change so as to maximise taxes on pensioners. But they failed to turn up in the House of Commons in sufficient numbers so, for once, we managed to win the vote.
“In fact, Labour?s policies have helped to fuel the pensions crisis. Labour?s ?5 billion a year tax on pensions has led to the closure of thousands of pensions schemes, with many people finding they will retire with much less than they were expecting.
“There are already 11,838 households in St Albans and Harpenden and 11,568 in North Hertfordshire with pensioners and these numbers will rise in the future. Ending the obligation to buy an annuity by the age of 75 will give some of Hertfordshire?s pensioners more choice on how to use their pension savings to achieve a secure retirement. Our progress on annuities demonstrates how Conservatives are standing up for pensioners.?