Pensions Bill

My Lords, my noble friend Lord Fowler has tabled an amendment at a critical moment, particularly for pensioners. Fate has done me a good turn. I was 75 on 30 April this year. I took my annuity at the time, and I am very relieved that I did. The present situation is undoubtedly extremely hard on those who are six months younger than me. They have saved all their lives, and have had a self-invested pension plan. They have taken risks because we have to do so if we want to improve our lot. That is what everyone wishes to do. But to have at this point a shotgun marriage of a pensioner of 75 with his annuity is criminal. I hope that the Government understand that the present situation is unusual, very bad for anyone with money in the stock exchange, and particularly so for anyone who has to take an annuity by law when they are 75.