HC Deb 21 June 1985 vol 81 cc247-8W
Mr. Austin Mitchell

asked the Secretary of State for Social Services what is his estimate of the cost of the state earnings-related pension scheme in 2034 as a percentage of gross domestic product.

Mr. Newton

There are no generally agreed forecasts of gross domestic product so far ahead into the future, but if its growth were assumed to be 2 per cent. between now and 2033–34, the cost of the state earnings-related pension scheme would rise to over 3 per cent. of gross domestic product in that year. This would be in addition to spending on the basic national insurance pension.