8s0 field into a date using SQL

I have a 8s0 field (FAILDT), with data stored as 20061231.

I want to convert to a date field, then select records where FAILDT <=
CURRENT DATE - 5 Years.

Obviously missing something in this statement...

SELECT fltitm,
       substr(faildt,1,4) || '/' ||
       substr(faildt,5,2) || '/' ||
       substr(faildt,7,2) as date
       from faultlog WHERE DATE(substr(faildt,1,4) || '/' ||
                                substr(faildt,5,2) || '/' ||
                                substr(faildt,7,2)) <= CURRENT DATE - 5
years

Once this is cracked I can hopefully get my boss to convert to SQL and ILE
from rpg400....

Thanks

Martin