Pensions Bill

No, my Lords. I have probably rather more experience advising Governments either than the noble Lord or the right honourable David Cameron. I was a special adviser in the 1974 Government when conditions were even more turbulent, which is why I say what I say. I also have 32 years’ experience of pension fund investment management. I believe that serious people in government have been thinking about compromise, which would, by however many years the limit were raised, be sensible and sustainable in the long term, but no serious Government would be able to accept the way forward proposed by the amendment. That is why I do not think that this proposal will work and we will not be able to support it. However, I hope that noble Lords will support Amendment No. 77A of the noble Lord, Lord Fowler, which is very sensible.