§ 26. Mr. LeighTo ask the Secretary of State for Social Security if he will estimate the extra cost to public funds if pensions had been linked to earnings rather than prices since 1983. [15766]
§ Mr. HealdThe extra cost to public funds of uprating contributory basic retirement pension by the higher of earnings or prices since 1983 is estimated to be £7.9 billion in 1997–98.
Note:
All costs are rounded to the nearest 0.1 billion.
Source:
The gross costs of uprating were estimated by the Government Actuary's Department.
§ Mr. DykesTo ask the Secretary of State for Social Security if he will estimate the level of basic state pension which would allow payment from the age of 60 years at no additional cost to taxpayers. [15826]
§ Mr. HealdThe payment of basic state retirement pension from age 60 at no additional cost to the national insurance fund would mean reducing the basic state pension for a single person by £20 a week to around £40 a week. People retiring at 60 would remain on this decremented rate for the remainder of their lives.
Source:
Government Actuary's Department.
§ Mr. FormanTo ask the Secretary of State for Social Security if it is his policy to retain the basic state pension as a universal contributory benefit; and if he will make a statement. [15827]
§ Mr. HealdWe consider the basic state retirement pension to be the cornerstone of income in retirement. We remain committed to protecting the value of state pensions and they will be increased in line with prices from April at a gross cost of £730 million.
§ Mr. Harry GreenwayTo ask the Secretary of State for Social Security what estimate he has made of the cost of introducing a state pension age of 60 years. [16137]
§ Mr. HealdI refer the hon. Member to the answer that my right hon. Friend the Secretary of State gave him on 10 December 1996,Official Report, column 176.