Pensions Bill

My Lords, we have discussed the topics covered by these amendments before, but it has been helpful to range over them again in this debate. As I said previously, our opposition to Amendment No. 5, as with others proposing a permanent pensions commission, is not an attempt to avoid discussion of these important issues and does not reflect any reservations as to the usefulness of a commission in subjecting fundamental issues to rigorous scrutiny in establishing a consensus on the way forward. As I have made clear, we are enormously indebted to the noble Lord, Lord Turner, for the work of his commission. However, that work having been completed, we feel the priority now is to implement the solutions that we have agreed upon. We share the noble Lord’s concern that the consensus which has been established should be maintained through a transparent review of the assumptions underlying the reform programme. Many of the relevant statistics are already published on a regular basis, including figures on pensioner incomes, savings, life expectancy and demography. The issue still disputed between us is simply whether the transparent debate and resulting consensus that we all seek will be promoted through the establishment of a permanent commission. It is our view that they would not. Moreover, such a body would not come free of charge, although that is not the key point on which we rest our argument. As a matter of interest, the cost of the Pensions Commission was in the order of £1.5 billion.