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Pensions

My Lords, they set out a position, and there have been negotiations. I am saying that the outcome has been of great significance. At the end of the day, for new people going into the public sector schemes from next year, the retirement age will be 65. Although the noble Lord refuted the intervention by my noble friend Lady Turner, I do not see that that stance is different from the position adopted by many private sector schemes which retained their current provision for existing members but changed from a defined benefit to a defined contribution scheme for new entrants. I have two minutes left in which to speak. I acknowledge the points made by my noble friend Lady Hollis on women’s pensions. She is absolutely right to express her concerns in that regard and we must consider them very seriously. My noble friend Lady Pitkeathley made some very important points about carers. As regards the Pensions Commission, I have not read today’s Financial Times.