§ Mr. McCrindleTo ask the Secretary of State for Social Security what is the estimated cost for equalising retirement ages for men and women at the ages of 60, 62, 63 and 65 years assuming that everyone elects to retire at the specified age; and if he will make a statement.
§ Mr. Peter LloydThe most recent estimates, which are based on 1985–86 benefit rates, are that the approximate net annual cost to public funds of equalising state pension age at 60 years would be £3,000 million and at 62 years £800 million; equalisation at 65 years would save about £500 million. Estimates are not available for equalisation at 63 years.
§ Mr. McCrindleTo ask the Secretary of State for Social Security what is the cost of abolishing the earnings rule for retired pensioners; and if he will make a statement.
§ Mr. Peter LloydWe estimate that abolition of the retirement pension earnings rule in 1990–91 would involve a public expenditure cost of about £250 million.