§ Mr. MeacherTo ask the Secretary of State for Social Security what was the cost of(a) the basic state retirement pension, (b) state earnings-related pension scheme, (c) occupational pensions and (d) personal pensions as a percentage of gross domestic product each year since 1979; and what estimates he makes, stating his assumptions, for 1995, 2005, 2015, 2025 and 2035.
§ Miss WiddecombeThe cost of basic state retirement pension and the state earnings-related pension scheme as a percentage of gross domestic product from 1978–79 to 1990–91 is given in the table.
Estimates of the cost of basic state retirement pension and SERPS are not available for the future years quoted in the question, but estimates for certain years up to 2050–51 are published in the report by the Government Actuary on the second quinquennial review under section 137 of the Social Security Act 1975, a copy of which is available in the Library.
The Government do not publish assumptions for money GDP for the future years quoted.
Comparable information on the cost to pension providers of occupational and personal pensions is not available.
Basic RP Expenditure £ million Percentage of GDP SERPS Expenditure £ million Percentage of GDP 1978–79 7,552 4.43 — — 1979–80 8,815 4.30 1 0.0005 1980–81 10,518 4.50 8 0.003 1981–82 12,107 4.72 19 0.01 1982–83 13,509 4.82 40 0.01 1983–84 14,553 4.78 60 0.02 1984–85 15,181 4.66 87 0.03 1985–86 16,443 4.61 141 0.04 1986–87 17,560 4.58 219 0.06 1987–88 18,356 4.33 292 0.07 1988–89 18,857 4.00 380 0.08 1989.90 20,171 3–96 526 0.10 1990.911 21,990 4.02 725 0.13 1 Estimated expenditure.