UK - The Conservatives have launched a fourth Private Member's Bill in four years in a bid to reform annuity laws.
Cross-party support for the Bill – proposed by MP for Taunton Adrian Flook – includes Labour MP and Pension Reform Group chairman Frank Field and Liberal Democrat work and pensions spokesman Steve Webb.
Under current legislation, pensioners must invest three-quarters of their pension pot in an annuity when they reach 75 years of age.
The Bill aims to remove the mandatory requirement to invest in annuities which would enable lifetime savings to be left with families.
Tory MPs Sir John Butterfill, David Curry and Edward Garnier have all put forward similar legislation which has failed due to a lack of parliamentary time.
But Flook says his Bill will be brought to a far wider audience than before.
He said: “I am launching a media campaign with the Bill so that people outside personal finance realise the issue.
“This time the government might sit up and take more notice, even if the Bill fails.”
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