HC Deb 14 February 1975 vol 886 cc251-2W
Mr. George Cunningham

asked the Secretary of State for Social Services which would be the correct percentage by which to increment deferred retirement pensions in respect of each year of deferment if recipients were to be fully compensated on acutarial principles for the effect on the National Insurance Fund of such deferment, taking men and women together on the one hand and separately on the other, and assuming that other factors remain as in the Social Security Act 1973 as proposed to be amended by the Social Security Benefits Bill in the form in which the latter received its Third Reading.

Mr. O'Malley

Actuarial increments would vary substantially according to the circumstances of the pensioner—for example, sex, marital status, age of dependent wife, if she is uninsured, age at retirement, and earnings. If, however, the percentage were to be standard for all types of contributor the requisite increment would add, for each year of deferment of retirement, about 10 per cent. to

boards of governors of teaching hospitals is set out below:

the retirement pension subsequently payable, as compared with the 6½ per cent. that will apply from April 1975. The corresponding figures for men and women separately would be about 10½ per cent. and 8½ per cent., respectively. These percentages, like the 6½ per cent. increments from next April, would apply to a pension as increased at successive upratings; thus the increments would be dynamised with the pension.