§ Mrs. Chalkerasked the Secretary of State for Social Services if she will estimate the cost of a phased reduction in the age of retirement for men from 65 to 60 years by reducing retirement to 64 years in the first year and then by one year in age every two years.
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§ Mr. O'MalleyThe cost of a phased reduction in the pension age for men would depend on the rates of benefit in force at the time. However, at current rates of benefit, and assuming that the pattern of retirement during the first five years after the lower age would be the same as it is now between 65 and 70, the extra annual costs to the National Insurance Fund and in supplementary benefits are estimated to be:
Pension age for men Extra costs £ million 64 270 63 570 62 890 61 1,240 60 1,580