§ Mr. WebbTo ask the Secretary of State for Social Security what estimate he has made of the savings which will result from the decision to halve SERPS for widowers and widows whose spouse dies on or after 6 April 2000. [61150]
§ Angela Eagle[holding answer 27 November 1998]: The estimated savings from the 1986 Social Security Act provisions which halve inherited SERPS from April 2000 are £60 million in 2000–2001, increasing to £2.3 billion by 2020.
Source:
Government Actuary's Department.
Notes:
1. Savings are gross of income related benefit changes.
2. Figures are in 1998 prices and are rounded to the nearest £10 million (£100 million for the 2020 figure).
3. The proposed new schemes for widows and widowers under State Pension age have not been taken into account.
4. Cases where the widower is over State Pension age but the deceased partner is under State Pension age are included in the estimates.