§ 68. Mr. Higginsasked the Minister of Social Security what is the maximum amount which anyone contributing to the National Insurance Pension Scheme has contributed; what is the maximum amount of the corresponding employers contributions; what capital value each of these two figures represents; and what weekly pension he estimates the two capital sums would produce on an actuarial basis in the case of a single person and a married couple.
§ Mr. PentlandThe maximum amounts that could have been paid by a man and his employer for retirement pension are estimated at £325 and £330 respectively. The capital value of these contributions at pension age and the weekly pension they would provide on an actuarial basis depend on various assumptions, including the interest rate assumed and, in the case of pension for a married couple, on the age of the wife. Assuming, for example, a rate of interest of 3½ per cent., the capital value of the total contributions would be about £867 which might provide a weekly pension of £1 16s. for a single man aged 65 and of £1 7s. 6d. for a married couple where the man is 65 and his wife is 60.