Pensions Bill

Of course we want that to happen, but I am not looking backwards; I am looking at where we are and at what pension pots are available today. My noble friend Lady Hollis is right about the sort of pots that people could accumulate under the new savings arrangements if one projects forward over 40 years, and we should welcome that. This situation does not necessarily continue for ever, but that is quite different from saying that today people on median earnings could take advantage of these sorts of arrangements. In my view, that is simply not the case.