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Pensions Bill

At the outset, I apologise to the Committee for not being available to be here on Second Reading. In spite of what the noble Lord, Lord Oakeshott, said, perhaps we should look at the newspapers. One leading newspaper has a wonderful headline saying, today of all days: ““If the old refuse to die, let them work longer””. I do not know whether that referred to our deliberations on the Bill, but one aspect of the article came to mind. Doubtless my noble friends will be able to cover it in considerable detail, and I suspect that even the Minister may be able to use his accountancy qualifications and experience on it. The article states that: "““In the UK, longevity is not only increasing; the increase is accelerating””." Experts in the field that we are discussing have predicted that 50 per cent of those of today’s population who are 30 years of age will live to 100 years of age. We can do some simple actuarial calculations; I am sure that that will be meat and drink to my noble friend Lady Noakes and the Minister. The statistic gives some idea of the importance of the Bill, even though we take into consideration the wise words of my noble friend Lord Skelmersdale on the Front Bench. A massive task is in front of us, but we have to set about it. I am interested in and supportive of what my noble friend proposes in his amendment.