1 This short paper has been prepared to draw the attention of members to the more actuarial aspects of the Pensions Bill, and, it is hoped, it will assist in focusing and stimulating discussion on these issues.

2 Although the Bill runs to over 150 pages, it is largely a paving document, giving powers to the Secretary of State for Social Security to regulate, in detail, as he sees fit. It, therefore, represents another step in the development of policy, rather than a fully definitive statement.