I would not be opposed to devising a new system of pensions, in which one part was based on collective provision, but which also gave incentives for people to take out an additional, personal plan.
I have long been a critic of Social Security, basically because I believe that it is not the business of government to tell people what fraction of their incomes they should devote to providing for their own or someone else's old age.
At the end of my life, I was told to vote for it for pensioners; I' m not in favour of means tests for pensioners or anybody.
Let me tell you exactly what we would do on Social Security. Yes, we'd raise the retirement age two years and phase it in over 25 years; that means we'd raise it one month a year for 25 years when we're all living longer, and living better lives.
Voters should be assured that I absolutely do not support raising the retirement age for Social Security.
If Britain is to have a stable, affordable pension system, people need to work longer, but we will reward their hard work with a decent state pension that will enable them to enjoy quality of life in their retirement.
We have management questions. On increasing the basic state pension in line with earnings, because we have made a clear promise and said that the increase in the pension age has to be brought forward, that is an affordable and deliverable commitment from the Conservative Party.
You also want to look at how the tax system encourages and rewards pension saving. I have set as an ambition reversing the effects of Gordon Brown's tax raid which heralded the beginning of the age of responsibility. We are looking at some very specific tax measures on how we can encourage saving.
The former pension minister, the Liberal Democrat Steve Webb said I was trying to abolish the lump sum. Instead, we are going to keep the lump sum and abolish the Liberal Democrats.
