§ Ms CorstonTo ask the Chancellor of the Exchequer if he will list (i) average annual earnings and (ii) the annual value of the flat-rate retirement pension for a single person, for(a) the latest year for which both figures are available, (b) 2000–01, (c) 2010–11, (d) 2020–21 and (e) 2030–31, assuming that earnings grow at (1) 1½ per cent., (2) 2 per cent. and (3) 2½ per cent. per annum, and (A) that pensions remain price-related and (B) grow at the same rate as earnings. [26444]
§ Mr. HealdI have been asked to reply.
The information is not available in the format requested. Such information as is available is in the table.
533W
£ per annum 1995–96 prices Average earnings Single person's basic retirement pension Real terms growth per annum 1.5 per cent. 2 per cent. 2.5 per cent. 0 per cent. 1.5 per cent. 2 per cent. 2.5 per cent. 2020–21 25,370 28,690 32,420 3,060.20 4,435.60 5,028.40 5,678.40 2030–31 29,450 34,970 41,500 3,060.20 5,148.00 6,128.20 7,269.60 Notes
- 1. The latest year for which information is available on both earnings and basic retirement pension is 1995–96. A single person's basic retirement pension was £3,060.20 per annum, or £58,85 per week. Average earnings for all full-time adult employees in April 1995 were estimated at £17,490 per annum, or £336.30 per week (Source: new earnings survey).
- 2. The uprating convention for retirement pension has been followed, i.e. the weekly amount of uprated retirement pension is rounded to the nearest 5p and it is this rounded figure that forms the basis of the following year's uprating. Annual average earnings figures have been rounded to the nearest £10.