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Pensions Bill

I find this amendment, introduced so ably by the noble Baroness, Lady Howe of Idlicote, a little strange. It talks only about men and women reaching a common retirement age. Is that really what she wants? Does she not also want to cover compulsory annuities at 75? It seems illogical not to cover both aspects. I much dislike compulsory annuities, which we shall come on to with the next amendment, but I am the first to admit that it makes sense in many cases for pensioners to take out an annuity at retirement age—the Minister surely agrees. Having got that off my chest, I agree with what the Minister said at Question Time today. I am afraid that, even if it is only three years, a difference still exists between the life expectancies of men and of women. If an insurance company is to annuitise a lump-sum pension or any saving, the subsequent annual income will need to be spread for more—possibly many more—years. It is thus inevitable that a woman’s annual income will be lower than that of a man, given the same percentage conversion rate. We have already heard figures on that and I will say nothing about my own researches unless I am driven to do so. To insist that private companies disregard the reality, whether it be that women tend to live longer or young men to drive faster, or that people of either sex ski off piste and therefore attract bigger insurance premiums—