Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to the oral contribution of the Economic Secretary to the Treasury of 19 October 2016 sale of annuities Official Report, column 812, what the timetable is for his Department to publish plans to support pensioners on low incomes with annuities.

In October 2016, the Government announced that it would not continue with proposals to create a secondary market in annuities. The conditions required for a competitive market could not be balanced with sufficient consumer protections and it would not have been appropriate to allow a market to develop which would have produced poor outcomes for consumers.

The Government is committed to ensuring that older people are able to live with the dignity and respect they deserve and the State Pension is the foundation of state support for older people, with a full new State Pension now worth £164.35 per week. In addition, the Government provides Pension Credit which targets help towards the poorest pensioners who for whatever reason have been unable to provide for their retirement.

The Government also provides bus passes for free travel once an individual reaches the female State Pension age and Winter Fuel Payments to help with heating costs during the winter.