BETTER PENSIONS

That this House recognises there are nearly one million people in the UK whose pensions, having been taken out on or before 1990, have a guaranteed annuity provision, meaning that they could qualify for significantly higher pension payments provided they are aware of the provision and exercise it; acknowledges that many financial services companies do not highlight the advantage these provisions offer; and calls on the Pensions Ombudsman and the Government to do what they can to ensure that the almost one million people are able to benefit from a pension that could be worth almost twice what they will get, at no extra cost, than if they do not take advantage of the guaranteed annuity provision.