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Pensions Bill

moved Amendment No. 32: 32: After Clause 13, insert the following new Clause— ““Report on longevity ( ) Beginning in April 2014, the Government Actuary shall present a report to Parliament every five years setting out the latest evidence on trends in longevity.”” The noble Lord said: Briefly, this is a simple amendment that seeks to set up a means by which longevity and the consequences of any changesto longevity are monitored, so that any necessary changes to pensions can be made well in advance of their implementation. It seeks to ensure that we are never again taken by surprise about just how much money will be needed to support people through their retirement. When the Conservative Government decided that working habits and lifestyle changes made it appropriate for women to retire at the same time as men, we were able to give a lead time of 20 years, which was plenty of time for people to adjust their expectations and plans to ensure that retirement would be suitably covered. I am glad that the Bill also gives adequate time for people to adjust; such changes to the pension system certainly should not be sprung on people. In hindsight, it seems quite extraordinary that no one, not even actuaries, realised the effect that such a dramatic increase in life expectancy would have on pension costs. It may seem almost unfeasible that the same mistake could be made again, and yet such an effect was not predicted and such a mistake was made. The amendment seeks to make sure that it will not happen again, and I hope that the noble Lord will consider it with great care. I beg to move.