HL Deb 18 May 2000 vol 613 cc35-6WA
Lord Blackwell

asked Her Majesty's Government:

What is their estimate of the annual sum that would need to be invested during a normal working lifetime to accumulate a capital sum on retirement that would secure the equivalent income from investments to that promised by the current state pension. [HL2343]

The Parliamentary Under-Secretary of State, Department of Social Security (Baroness Hollis of Heigham)

It is estimated that a man would need to save about £450 a year and a woman about £750 a year over a full working life (49 years for a man and 44 years for a woman) to save a capital sum that would generate an income in retirement equal to the basic state pension.

Lord Blackwell

asked Her Majesty's Government:

What is their estimate of the capital sum that would need to be given to a pensioner retiring today to enable him to secure the equivalent income from investments to that promised by the current state pension. [HL2342]

Baroness Hollis of Heigham

It is estimated that a man aged 65 would need a capital sum of about £50,000 and a woman aged 60 about £70,000 to secure an income in retirement equal to the basic state pension.