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Retirement Pensions

Volume 531: debated on Thursday 28 October 1954

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105.

asked the Minister of Pensions and National Insurance how many men and women who have reached retirement age have postponed their date of retirement since the National Insurance Act, 1946, came into force; and for what average period.

Since July, 1948, about ¾ million. As regards the second part of the Question, the hon. Member will appreciate that, as most of these people have not yet retired, it is not possible to give the information he asks for.

106.

asked the Minister of Pensions and National Insurance by what amount the cost of retirement pensions have been reduced by the postponement of retirement since the National Insurance Act, 1946, came into force; and what has been the total cost of the increases paid in retirement pensions to those who retired later than normal retirement age.

In respect of people reaching retirement age since 1948, the saving to the National Insurance Fund from postponement of retirement has been about £160 million. The cost of the increases so far paid on account of postponed retirement is about £5 million.