HL Deb 07 April 1981 vol 419 c519WA
Lord Monson

asked Her Majesty's Government:

What would be the approximate net cost to the Exchequer of lowering the retirement age for men from 65 to 64, taking into account any consequential savings in unemployment benefit.

Lord Cullen of Ashbourne

If the pension age for men were reduced to 64, it is estimated that the net cost to Government funds for a full year, at November 1980 rates, would be in the order of £300 million. This estimate takes account of the savings resulting from consequential vacancies expected to be filled by people on the unemployment register.