New Clause 22
Pensions Bill
10:15 am
David Laws (Shadow Secretary of State for Work and Pensions, Work & Pensions; Yeovil, Liberal Democrat)
I think that what the Minister means is that I am right to suggest that the share of GDP spent on the state pension architecture is going to fall and that that fall can be decomposed into some areas of increasing expenditure offset by savings made from increasing the state pension age for women between 2010 and 2020.
I do not know why the Minister is so grumpy about this. His own regulatory impact assessment, which comes with the Bill, is plain as punch clear that there will be a decline from 6.2 to 6.1 per cent. over the next few years.