§ Baroness Hollis of Heighamasked Her Majesty's Government:
In the light of the Government's proposed changes to state pension age, what is the estimated cost and savings respectively for the state old age pension and SERPs of:
- (a) equalisation at 60;
- (b) equalisation at 63;
- (c) averaging SERPs over the best 39 years for women;
- (d) averaging SERPs over the best 39 years for women and men;
- (e) equalisation at 65.
§ The Minister of State, Department of Social Security (Lord Mackay of Ardbrecknish)The most recent estimates available for (a) and (b) are contained in the White Paper.Equality in State Pension Age (Cm 24020) and those for (e) in the Government Actuary's report (Cm 2714) which sets out the financial effects of the proposals in the Pensions Bill, copies of which are held in the Library.
The information requested at (c) and (d) is not available. However, there would be no cost until 2017, when the first contributors to have been in SERPS for 39 years would reach pension age. Costs would rise gradually thereafter.