HC Deb 21 April 1971 vol 815 cc1174-5
35. Mr. William Hamilton

asked the Secretary of State for Social Services if he will publish in the OFFICIAL REPORT a table showing the value of the basic retirement pension, in money and in terms of 1963 prices, in 1945, 1950, 1955, 1960, 1965, 1970 and estimates for November, 1971, indicating in each case the total contributions made, respectively, by the Exchequer, employers and employees.

The Under-Secretary of State for Health and Social Security (Mr. Paul Dean)

Yes, Sir.

Following is the information:

Standard rate of retirement pension
Actual rate Equivalent at 1963 prices Actual contribution to the National Insurance Fund by
Year Single person Married couple Single person Married couple Employers Insured persons Central Government
£ £ £ £ £ million £ million £ million
1945 0.50 1.00 0.93 1.87 — — —
1950 1.30 2.10 2.13 3.44 145 215 96
1955 2.00 3.25 2.50 4.07 233 297 92
1960 2.50 4.00 2.75 4.40 354 360 126
1965 4.00 6.50 3.70 6.01 794 682 282
1970 5.00 8.10 3.69 5.99 1,190 1,060 400
November, 1971 6.00 9.70 — — 1,333 1,223 491
NOTES:
1. Equivalent pension values at 1963 prices are based on the general index of retail prices, linked with the cost of living index for periods before June, 1947.
2. The contribution income shown is for the financial years 1950–51, 1955–56, 1960–61, 1965–66, 1970–71 (estimated) and 1971–72 (estimated). Employers' contribution include payments in lieu of contributions. The income of the pre-1948 schemes is not shown because it is not comparable.