HC Deb 04 December 1967 vol 755 cc207-8W
3. Mrs. Renée Short

asked the Minister of Social Security how many firms have notified her that they are now reducing the level of their own company pensions because of the increase in State retirement pensions; and what reply she has sent to these letters.

Mr. Pentland

None. And I am informed by the Registrar of Non-Participating Employments that no such notifications have reached him since retirement pensions were increased in October.

Mr. Prior

asked the Minister of Social Security what proportion of the retirement pension for a pensioner who reached retirement age in 1950, 1955, 1960, 1965 and 1967 is provided out of taxation; and what she estimates will be the figure in 1970.

Mrs. Hart

Retirement pensions, like other National Insurance benefits, are paid out of the National Insurance Fund, the cost of current benefits being met out of current income. It is estimated that in the present financial year, about 15 per cent. of the income will come from the Exchequer and about 82 per cent. from national insurance contributions from insured persons and employers, the balance coming from interest. As the scheme stands the proportion provided by the Exchequer in 1969–70 would be about the same.