§ 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.
§ 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.