§ Mr. ThomasonTo ask the Secretary of State for Social Security what will be the impact to public funds of the measures contained in the Pensions Act 1995. [21483]
§ Mr. HealdThe measures in the Pensions Act 1995 will reduce tax and national insurance revenue by about £0.5 billion in 1997–98, rising gradually to around £1.0 billion in 2050. The effect on expenditure in the first few years will be broadly neutral. The measures will produce expenditure savings of over £6 billion per annum in 2020 and over £10 billion in 2050.