HC Deb 23 June 1977 vol 933 cc480-1W
Mr. Craigen

asked the Secretary of State for Social Services what is the current estimated cost of reducing the retirement age for men to 60 years in terms of (a) retirement pensions and (b) other benefits.

Mr. Orme

The latest estimate is that, if the pension age for men in the state scheme were reduced to 60, the extra cost of paying retirement pensions would be about £1,800 million in 1977–78. There would also be an extra cost of about £50 million in respect of supplementary pensions. There would be savings on other national insurance and on supplementary allowances, which would otherwise be payable to men between 60 and 65, of about £450 million. These figures do not take account of the loss of national insurance contributions and income tax revenue.