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Pensions Bill

I am very grateful to the Minister for taking so long to explain the Government’s position. He said that a theme was running through these debates, and indeed there is. In this House, there is general dissatisfaction with the maximum age of 75, and we have voted on several occasions, often by substantial majorities, to remove that age limit. The Minister also said that it was not his business to try to improve the amendment, but surely he has to accept that he has already lost the argument on several occasions. These amendments were passed last year and in 2004 substantial majorities were secured to remove the age limit of 75. I accept that last year it was not possible to debate the matter further because the other place invoked privilege, but if the Minister is listening to this place, should he not at least agree to sit down with us to see whether there is a way forward? I thought that the noble Baroness, Lady Hollis of Heigham, had a number of very interesting ideas. No one wants to create a serious situation for the Treasury; we just want to encourage more saving. We want to encourage people—particularly those who in the past have been deprived as regards pension arrangements—to save for their pension and to save for their later life, and perhaps we can devise a series of amendments that will achieve that. The Minister is right that a number of people exercise the option to purchase an annuity at a comparatively early age because they know that by the time they get to 75 they will be forced to annuitise. As my noble friend pointed out, that may well be at just the wrong moment. So, of course, they annuitise in advance and they want to receive the money earlier because they know that they will be compelled to purchase an annuity. Surely there is a way, as my noble friends have pointed out from the Front Bench, by which we can at least meet some of the noble Lord’s concerns. Normally he says that discussions are ongoing; that we will have extensive consultation; and that we will find a way through. Will he do that on this point?