On Monday 27th October the Liberals and Labour joined together in the House of Lords to block an amendment to the Pensions Bill that would have allowed people reaching the age of 75 to defer the purchase of an annuity for their pension.
This amendment was introduced by the Conservatives in light of the current stock market turmoils so that pensioners are not disadvantaged. The Liberals opposed the amendment because the amendment was not theirs and the Labour party simply confirmed that they do not believe that older, prudent people should have a choice of how their funds are invested to provide an income. It’s a classic case of Labour living up to “the man in Whitehall knows best” syndrome.
As a result of this, a small number of people will be forced to buy annuities which will be singificantly below their true worth resulting in reduced income in retirement all because of selfish pique and dogmatic ideology.
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