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Pensions Bill

My Lords, following on from that point, surely the same happens at whatever age you decide to annuitise; whether 80, 85 or 90. The crunch point can come at any point. The Minister said that, although not quite in those terms, on the last ““abolition of annuitising”” amendment. You just do not know whether it will come at a particular point for you. It is inevitable that annuity rates and the value of pension pots will vary over time. Who is then to say that annuitisation at any particular age will be appropriate for a particular individual, or even in general? It is only if you believe, and I have said that I do not, that there should be an age by which you have to annuitise your pension pot that you can argue for or against a particular age. I am not in that position, seductive though it might be—it clearly is on both sides of the House—to some noble Lords. I do not know whether it will be of any comfort to those noble Lords, but in all the discussions that we have had I have never heard anyone say that 75 is 10 years after the current state pension age. Only the Minister can tell us whether that was the Treasury’s original intention. If so, do the Government intend to compound their error of keeping to a specific age when state pension age for men and women increases to 66 in 2024, 67 in 2034 and 68 in 2044? Each rise will be phased in over two years. In other words, do the Government intend as a long-term expedient to have compulsory annuities when people are 76, 77 or 78? Perhaps the noble Lord could help the House by telling us.