Plan to switch annuities is just political point-scoring

Michelle McGagh
Liberal Democrats annual party conference 2010
Liberal Democrats annual party conference 2010

For those of you who have read my blogs about pensions before you'll know I'm a fan of pensions minister Steve Webb. Aside from being the longest serving minister since the post was introduced in 1998, he has eminently sensible ideas and actually knows what he's talking about.

However, I have to disagree with his latest idea: switching annuities. Until now, Webb has refused to lower himself to political point-scoring, and instead reformed pensions in a pragmatic way in order to future-proof them. But the idea that retirees could switch pensions like they do mortgages is pie in the sky, to say the least.