Mark Durkan
Main Page: Mark Durkan (Social Democratic & Labour Party - Foyle)Department Debates - View all Mark Durkan's debates with the HM Treasury
(7 years, 7 months ago)
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Simon Kirby
It is fair to say that the Chancellor of the Exchequer at the time was not in possession of all the information following the consultation. It was our intent, clearly, at the time to listen carefully to not only the industry but consumer groups, which we have done extensively. It is worth saying that we remain absolutely committed to all the other pension freedoms that we are introducing. This is a sensible way forward, and I hope the hon. Gentleman welcomes it.
Mark Durkan (Foyle) (SDLP)
This pop-up policy, which has now been popped down again, came from a Government who had a long-term economic plan, yet this policy has not survived very long. As has been indicated, the policy was a response to the bubbling sense of scandal that was there because people were stuck with meagre and marginal annuities, and it was a chance to give them something different. If the Minister is convinced that he is avoiding the new scandal that would have happened, of people ending up mis-selling their annuities, what is he doing about the original scandal of the meagre annuities that people are trapped in, which this policy was designed to respond to?
Simon Kirby
The hon. Gentleman is right in as far as that certainly was the intention of the policy. There is a long-term plan, because I am concerned about the long-term financial wellbeing of these older and vulnerable people, and it is important that they get the right deal and make the right decisions. That is why this suggestion, which is only one of many, is not appropriate to carry forward. It is not a pop-up policy; we have listened carefully, and we have made the right decision.