Lord Myners – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Myners on 2016-07-12.

To ask Her Majesty’s Government whether they are considering requiring the providers of pension annuities to increase the rate at which they calculate benefits.

Lord O’Neill of Gatley

Annuity rates are set by individual providers and can vary in line with market conditions. The amount of income an individual gets each year from an annuity depends on a variety of factors including how much they had in their pension pot when they bought the annuity, whether they are seeking a joint annuity, and their age, health and lifestyle.

As a result of this government’s pensions reforms, individuals aged 55 and over with a defined contribution pension are now able to make their own choice about how to use their pension savings. The Government’s Pension Wise service provides free, impartial guidance to help people understand their options.