§ Mr. HealdTo ask the Secretary of State for Work and Pensions what assessment he has made of the relative benefits payable in respect of equal contributions under(a) the Graduated Retirement Benefit Scheme and (b contracted out equivalent pension benefits; and if he will make a statement. [84435]
§ Mr. McCartneyPeople who contracted out of the Graduated Retirement Benefit Scheme did so on condition that the occupational scheme offered equivalent pension benefits.
The Graduated Retirement Benefit Scheme and contracted out equivalent pension benefits ended in April 1975. From November 1978 the value of benefits payable under the Graduated Retirement Benefit Scheme has been uprated each year. However, there is no similar requirement that contracted out equivalent pension benefits should be uprated.