MPS approve private members bill on annuity reform

The private members bill calling for amendment of the law requiring the compulsory purchase of annuities at age 75 has cleared another hurdle after it was passed in the teeth of Government opposition. The bill was passed with a majority of 112 despite a highly critical speech made by chief secretary to the Treasury Ruth Kelly and repeated pronouncements from ministers that it was a measure designed to help the rich. Howard Flight, shadow paymaster general said the victory made it much more likely that investors would no longer be forced to buy an annuity. He said: "It makes it muc...