House Of Lords Climbs Down Over Pension Bill Amendment
It emerged last week that the House of Lords has backed down over an amendment
to the government's Pensions Bill which would have increased the age at which
pensioners are obliged to convert part of their retirement savings to annuities
from 75 to 80. The House of Commons had previously rejected an effort by the House of Lords
to raise the compulsary pension annuities age to 85. Opposition peers, led by Conservative spokesman for pensions, Lord Higgins
lost the upper house vote on the amendment by 119-96. Observers have suggested
that the climbdown may have been influenced by Pensions Minister, Malcoms Wicks'
warning that if the Pensions Bill failed, plans to bail out members of defunct
final salary pensions schemes would fail with it. Speaking to the Telegraph at the weekend, shadow secretary for work and pensions,
David Willetts expressed the Conservative Party's disappointment at the vote,
observing that: "It is very disappointing. Ministers have been thoroughly obstinate. We
thought they would at least strike a compromise (and) raise the annuity age
to 80." .
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