I am grateful to my hon. Friend, who is knowledgeable on such matters.
The hon. Member for Ross, Skye and Lochaber used to work in the financial services industry and has been a fund manager, so he knows what he is talking about. However, he must know that his characterisation of the national insurance fund as involving some kind of individual contract that relates what someone gets out of it to what they pay in is not true. The state pension is a social security benefit, funded through national insurance contributions.