§ Mr. DewarTo ask the Secretary of State for Social Security if he will publish figures estimating the cost of reintroducing earnings uprating for the retirement pension and other linked benefits beginning in April 1997 on the basis of the assumptions used in "Options for Equality in State Pension Age", giving annual figures in current prices over a 10-year period.
§ Mr. ArbuthnotThe table gives the estimated additional cost of uprating retirement pension and other linked benefits in line with earnings, from 1997. The consultation document "Options for Equality in State Pension Age" used an assumption of an increase in earnings 1.5 per cent. greater than prices. The same assumption has been applied to derive this estimate.
Year Extra costs (£ billion at April 1994 prices) 1997–98 0.5 1998–99 1.1 1999–00 1.6 2000–01 2.2 2001–02 2.8 2002–03 3.4 2003–04 4.0 2004–05 4.7 2005–06 5.3 2006–07 6.1 Source:
Government Actuary's Department.