MP QUESTIONS MINISTER ON HELP FOR OVER 75'S IN DIFFICULT ECONOMIC TIMES
October 20, 2008 12:00 PM
Greg Mulholland, MP for Leeds North West, questioned Work and Pensions Minister Rosie Winterton on the floor of the House of Commons today about how they would seek to help pensioners suffering from sharp decreases in the value of their pension funds as a result of the present economic crisis.
Mr Mulholland called upon the Government to review the existing rule requiring pensioners to buy an annuity when they reach 75 which could leave them worse off, and cause the loss of the money that they have invested.
Mr Mulholland called for this requirement to be scrapped, and pensioners given greater flexibility over their pensions.
Commenting Greg said:
"Pensioners who have worked hard their entire lives to save for their retirement should not be penalised, or forced to take action which may devalue their pensions, just because they have reached a certain age in the current financial crisis.
"Many pensioners are seeing a rapid decline in the value of their pensions over which they have no control. Scrapping the current requirement to buy an annuity at 75 would give pensioners much greater freedom and flexibility to decide how they manage their own pension funds.
"The Government should act now to review the existing arrangements, not wait while the economic situation worsens."
ENDS
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