§ 2. Mr. Leaveyasked the Minister of Pensions and National Insurance what is the maximum sum of money anyone who retired on 1st January this year can have contributed to his own retirement pension; with the pension at the present level, how much in total he may expect to draw by way of pension, assuming the current expectation of life; alternatively, what is the capital value of his pension, assuming interest throughout the contribution period at 3½ per cent.; and what are the relevant figures for a married pensioner.
§ Mr. WoodThe accumulated value of the maximum contributions a man, whether married or single, could have paid for retirement pension since 1926 would at 3½ per cent. interest be nearly £270, with a similar amount paid by his employer. A single man who retires at 65 would receive about £2,200 in retirement pension on an average expectation of life. Similarly a married man of 65 and his wife of 60 would receive about £4,800. The capital value of these pensions, again assuming 3½ per cent. interest, would be £1,700 for a single man and £3,500 for a married couple.