§ 92. Dame Irene Wardasked the Minister of Pensions and National Insurance what would be the cost to a self employed male person aged 25 of a retirement pension at the age of 65, provided the weekly contribution and full Income Tax relief remain as at present; and what would be the cost to a self employed person under similar circumstances paying no Income Tax.
§ Miss Hornsby-SmithThe National Insurance contributions carry entitlement to other benefits in addition to retirement pension. The total contributions payable by a self-employed man from the age of 25 to the age of 65 would amount to £1,180 on the assumption that the current rate of contribution continued throughout the period. Contributions by a person now beginning payment at age 25 would not give entitlement to pension at the full rate. It is not possible to give the cost of the contributions after allowing for Income Tax relief as the amount of such relief must vary from case to case.
§ 93. Dame Irene Wardasked the Minister of Pensions and National Insurance what would be the cost to a male employee aged 25 of a retirement 108W pension at the age of 65, provided the weekly contribution and full Income Tax relief remain as at present; and what would be the cost to a male employee under similar circumstances paying no Income Tax.
§ Miss Hornsby-SmithThe cost in either case would depend on whether the person concerned was in the graduated scheme or was contracted out of it; and, if he were a member of the scheme, on the level of his earnings. In the former case, it would also vary with his Income Tax liability.
§ Dame Irene Wardasked the Minister of Pensions and National Insurance what would be the cost to a non-employed female person aged 25 of a retirement pension at 60, provided the weekly contribution and full Income Tax relief remain as at present; and what would be the cost to a female non-employed person under similar circumstances paying no Income Tax.
§ Miss Hornsby-SmithThe National Insurance contributions carry entitlement to other benefits in addition to retirement pension. The total contributions payable by a non-employed woman from the age of 25 to the age of 60 would amount to £600 on the assumption that the current rate of contribution continued throughout the period. Contributions by a person now beginning payment at age 25 would not give entitlement to pension at the full rate. It is not possible to give the cost of the contributions after allowing for Income Tax relief as the amount of such relief must vary from case to case.