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Pensions Bill

That is an attractive proposition and I will consider it, although I am not sure what the pension providers would make of it. I understand that Sweden has only one state pension scheme, and does not have the variety of pension provision that we have in this country. I shall now bring my speech to a close. I have responded to a good many interventions, but I have spoken for quite a long time as well. I said at the outset that we were renewing the contract between the Government and the individual on the basis of shared responsibilities in the most fundamental reform of the pensions system since the state pension was inaugurated in 1948. Looking back further, I note that 2008 marks 100 years since Lloyd George's Old Age Pensions Act, which resulted in a non-contributory pension of five shillings a week payable to those aged over 70—subject to a means test.