§ Mr. WebbTo ask the Secretary of State for Social Security how much would be saved in each of the next 10 financial years by ending the accrual of rights to state earnings-related pensions in respect of years of employment after 1998–99. [23111]
§ Mr. DenhamThe information is provided in the table.
Estimated reduction in expenditure on SERPS if the scheme was closed to future accruals from April 1999 Millions Year Reduction in expenditure 1999–2000 0 2000–01 negligible 2001–02 £10 2002–03 £30 2003–04 £70 2004–05 £120 2005–06 £180 2006–07 £250 2007–08 £340 2008–09 £440 1. All figures are rounded to the nearest £10 million and are in constant 1997–98 prices.
2. Due to the way SERPS is calculated, the pension of people reaching State pension age in 1999–2000 is not affected by the ending of SERPS accruals in that year.
3. Changes to National Insurance revenue have not been included.