HC Deb 20 March 1996 vol 274 cc230-1W
Mr. Foulkes

To ask the Secretary of State for Social Security if he will provide estimates of the SERPS additional pension payable weekly to men and women on(a) average earnings and (b) earnings below £12,000 per annum relative to the weekly state retirement pension in each year to 2040. [18338]

Mr. Heald

The information is not available in the format requested. Such information as is available is in the table. The table gives estimates of the weekly additional pension that men and women on(a) average earnings and (b) half average earnings will accrue relative to the rate of basic state retirement pension. The estimates cover the period from 1995 to 2040.

Average earnings Half average earnings
Additional pension (£ per week) Relative to basic retirement pension Additional pension (£ per week) Relative to basic retirement pension
Year Male Female Male Female Male Female Male Female
2010 85.50 54.50 1.40 .89 34.90 19.20 .57 .31
2011 86.40 55.30 1.41 .90 35.40 19.60 .58 .32
2012 87.40 56.20 1.43 .92 35.90 20.00 .59 .33
2013 88.30 57.00 1.44 .93 36.50 20.30 .60 .33
2014 89.20 57.90 1.46 .95 37.00 20.70 .61 .34
2015 90.20 58.80 1.47 .96 37.60 21.10 .61 .35
2016 91.10 59.80 1.49 .98 38.20 21.50 .62 .35
2017 92.00 60.70 1.50 .99 38.70 22.00 .63 .36
2018 93.00 61.70 1.52 1.10 39.30 22.40 .64 .37
2019 93.90 62.70 1.54 1.03 40.00 22.80 .65 .37
2020 94.80 63.70 1.55 1.04 40.60 23.20 .66 .38
2021 95.80 64.70 1.57 1.06 41.20 23.70 .67 .39
2022 96.70 65.70 1.58 1.07 41.90 24.10 .69 .40
2023 97.70 66.70 1.60 1.09 42.50 24.60 .70 .40
2024 98.60 67.80 1.61 1.11 43.20 25.10 .71 .41
2025 99.60 68.90 1.63 1.13 43.90 25.50 .72 .42
2026 100.60 70.00 1.64 1.14 44.60 26.00 .73 .43
2027 101.50 71.10 1.66 1.16 45.30 26.50 .74 .43
2028 101.90 72.20 1.67 1.18 45.90 27.10 .75 .44
2029 102.00 73.30 1.67 1.19 46.50 27.70 .76 .45
2030 102.10 74.20 1.67 1.21 47.00 28.30 .77 .46
2031 102.40 75.30 1.58 1.23 47.70 28.90 .78 .47
2032 102.70 76.40 1.68 1.25 48.40 29.60 .79 .49
2033 103.00 77.50 1.69 1.27 49.10 30.30 .80 .50
2034 103.30 78.60 1.69 1.29 49.90 31.00 .82 .51
2035 103.50 79.60 1.69 1.30 50.60 31.70 .83 .52
2036 103.70 80.60 1.70 1.32 51.40 32.40 .84 .53
2037 103.80 81.60 1.70 1.33 52.10 33.00 .85 .54
2038 104.40 82.80 1.71 1.35 53.10 33.80 .87 .55
2039 104.90 84.00 1.72 1.37 54.00 34.50 .88 .57
2040 105.40 85.10 1.72 1.39 55.00 35.30 .90 .58
1. It is assumed that earnings are at, or half of, the average for each year throughout the working life. Weekly average earnings for 1996 are assumed to be £397.40 (Male) and £288.90 (Female).
2. The basic rate of retirement pension is assumed to be £61.15.
3. Figures for weekly additional pension entitlement are in 1996 prices, and are rounded to the nearest 10p.
4. Figures for the weekly additional pension relative to the rate of basic retirement pension are rounded to two decimal places.
5. The future level of real earnings growth is assumed to be 1.5 per cent. per annum.