Pensions Bill

My Lords, I, too, support the amendment of the noble Lord, Lord Fowler. A number of us in this House think the current annuity provisions and requirements are wrong anyway and need changing. The amendment does not do that: it simply meets the current circumstances that are facing people. Yes, we have had and always will have ebbs and flows in the stock market, but the current situation is different. There will be no going back; once people have taken their annuity at a much lower return, that will decide their pension for the rest of their lives. There is fairness in the amendment, so I look forward to the Minister’s response. It seems fair and equitable to realise and accept that these are extenuating circumstances. There is a time factor related to the amendment, and I hope that the Minister will say that he will move on it.