§ Mr. Lawsonasked the Secretary of State for Social Services how much it would cost in a full year to lower the retirement age for men to 60 years; and how much public expenditure would be saved in a full year by raising the retirement age for women to 65 years.
§ Mr. O'MalleyOn the assumption that the pattern of retirement of men between 60 and 65 would be the same as it is now between 65 and 70, a reduction in the minimum pension age of men to 60 would add about £1,160 million to the cost of benefits. There would also be a loss of some £400 million in contribution income to the National Insurance Fund. The saving in public expenditure from raising the minimum pension age of women to 65 would be about £180 million. There would also be an increase of about £70 million in contribution income.