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Clause 2 - Personal allowance for 2013-14 for those born after 5 April 1948

Part of Finance (No. 2) Bill – in a Public Bill Committee at 3:15 pm on 23rd April 2013.

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Photo of Kwasi Kwarteng Kwasi Kwarteng Conservative, Spelthorne 3:15 pm, 23rd April 2013

The hon. Gentleman is making a number of good points and relating the debate to the evolution of pension provision, which is very important. He should appreciate that when the old-age pension was introduced in 1909—104 years ago—the age at  which one received a pension was 70 years, and life expectancy at that point was another 18 months. The 1909 old-age pension was essentially a pat on the back—a well done—and the person was expected to live another 18 months. As he said, we have poor OECD figures on life expectancy, but he must appreciate that life expectancy is substantially longer than it was in 1909—perhaps 20 years longer—and that this is a big problem. For the Labour party to carp at the Government’s measures and not to recognise the problem is irresponsible.