David Nuttall
Main Page: David Nuttall (Conservative - Bury North)Department Debates - View all David Nuttall's debates with the HM Treasury
(8 years, 1 month ago)
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Simon Kirby
Obviously, Mr Anderson is as important as all the other people who, no doubt, will be very interested in this announcement. It transpired through consultation that a very small percentage of people would be better off. We were looking at legislation that would oblige the Government to provide guidance and advice; in the vast—very vast—majority of cases, that advice would be that it would not be appropriate and in the consumer’s best interests to proceed. There is no easy answer, but at the end of the day, I am not going to allow vulnerable older people to take advantage of what may, superficially, seem a good deal, but what, in the long term, is a poor one.
Mr David Nuttall (Bury North) (Con)
John Lawson, the head of retirement policy at Aviva, has said that one of the obstacles in the way of the secondary annuities market is the existence of statutory override clauses in annuity contracts. Has that played any part in the Government’s decision, and do they have any plans to at least look at passing legislation to deal with that?
Simon Kirby
That is certainly something we will be looking at. At the end of the day, many people got a poor deal on the way in; the last thing I want to do is to give them a doubly poor deal on the way out because the market is not big enough to provide value for money. If that means the option of reducing regulation, I am not a fan of that; regulation exists to support people and to help them make the right decisions.