§ Mr. WebbTo ask the Secretary of State for Social Security what estimate he has made of the reduction in the cost of state earnings-related pensions arising from(a) the changes contained in legislation basing pension entitlement on lifetime earnings, and related changes and (b) the changes contained in the Pensions Act 1995 in (i) 2000, (ii) 2010, (iii) 2030 and (iv) 2040. [61440]
§ Mr. DenhamThe information is in the table.
Reduction in expenditure arising from the 1986 pensions act and the 1995 Pensions Act £ billion 2001–02 2010–11 2030–31 2040–41 1986 Pensions Act1 0.0 -3.1 -25.0 -33.1 1995 Pensions Act2 0.0 -0.9 -7.5 -10.6 Notes:
1. The figures are approximations based on figures from the Social Security Bill 1986, Report by the Government Actuary on the Financial Effects of the Bill on the National Insurance Fund (Cmnd 9711) assuming an extra 5 million contract out, and the Report by the Government Actuary on the Financial Effects of the Pensions Bill 1994 on the National Insurance Fund (Cmnd 2714).
2. The figures are based on the Report by the Government Actuary on the Financial Effects of the Pensions Bill 1994 on the National Insurance Fund (Cmnd 2714).
3. Estimates do not take account of means-tested benefit offsets.
4. Estimates are in respect of retirement pensioners only.
5. Figures are 1998–99 benefit rates and are rounded to the nearest £0.1 billion.
Source:
The Government Actuary's Department.