§ Mr. David Priceasked the Secretary of State for Social Services, in order to promote sexual equality in the field of pensions, what would be her estimate of the net cost, or gain, to the Exchequer if men and women were both to be eligible to receive their basic State retirement pension at the various ages of 60 years, 61 years, 62 years, 63 years, 64 years and 65 years, respectively on the basis of current rates of benefit and of current contributions.
§ Mr. O'MalleyThe effects on benefit expenditure and contribution income, both taken at current rates are estimated to be as follows:
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Common pension age Extra Cost (+) or saving (—) £ million 65 … … … —250 64 … … … + 75 63 … … … +430 62 … … … +800 61 … … … +1,190 60 … … … +1,580 These figures leave out of account the wider effects that a change in pension age would have on the Exchequer, both as regards the immediate loss of tax revenues and as concerns the more profound long-term effects on the country's economy, which cannot be estimated with any precision.