Pensions Bill

The problem with the Conservative amendments is that they could expose the Government to compensation if annuity rates were to fall. They could expose the Government to moral hazard if people started to manipulate the rules. They could also expose the Government to legal challenge, including in the European Court of Justice. The last thing that the House should do is to raise pensioners’ expectations on the basis of amendments that have been hastily drawn up for this debate. Instead, we should have a proper review.