Mr. Sebastian Barnes:

Changes in the pension age can either be funded through taxation, spending changes elsewhere, or changes in pension benefits and entitlements. We would be concerned if the pension age were lowered in this context. As I said, we know that the population is rapidly ageing. We also know that the number of people reaching pension age is increasing. A policy like that would add a lot of stress to the public finances at a time when we face many challenges, including a high level of public debt. It would also raise big questions of intergenerational equity. By being more generous today, are we potentially undermining the system for those who come behind?