§ Mr. Brittan
asked the Secretary of State for Social Services what the net cost to the Exchequer would be if the male retirement age were reduced to 60 years.
§ Mr. O'Malley
The cost in benefit expenditure and lost contribution would depend on the extent to which men decided to retire at the proposed pension age. On 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, the extra annual cost to the National Insurance Fund and in supplementary pensions is estimated to be about £1,580 million at current benefit and contribution rates.332W
As regards the wider costs to the Exchequer, I refer the hon. Member to my reply to the hon. Member for Eastleigh (Mr. Price) on 20th January.—[Vol. 903, c. 437–8.]