§ 48. Mr. Thomas Coxasked the Secretary of State for Social Services if he will now make a further statement on the State retirement pension.
§ Sir K. JosephThe standard rate of retirement pension was increased by 12½ per cent. from the beginning of this month, representing a modest but real increase in spending power. For the future, the Government have promised to review pensions annually to ensure that they are kept at least in line with rising prices.
§ Mr. Leadbitterasked the Secretary of State for Social Services how the real value of pensions compares with their value in March, 1970.
§ Mr. DeanAs measured by the General Index of Retail Prices up to September, 1972, the latest month for which figures are available, the purchasing powers of the present standard rate retirement pension for a single person is 68p higher than in March, 1970, and that for a married couple £1.06 higher. For the 1¼ million pensioners over age 80 the age addition makes corresponding figures 93p for the single person and £1.56 for a married couple.