asked the Secretary of State for Social Services what would be the effect on the estimated finances, cost and rates of contributions of the pensions proposals contained in the White Paper "Better Pensions" if earnings and prices were both assumed to rise at rates of 10 per cent. per annum in place of the figures assumed in the Government Actuary's memorandum.
In the Appendix to "Better Pensions" by the Government Actuary, the estimated costs of benefits expressed in relation to July 1974 earnings levels, as shown in Table 1, would be increased by a total of about £70 million in 1988–89, £300 million in 1998–99 and £700 million in 2008–09 and the rates of contribution shown in Table 2 would be increased by about 0·1 per cent. in 1988–89, 0·6 per cent. in 1998–99 and 1·4 per cent. in 2008–09.
asked the Secretary of State for Social Services if she will publish in the Official Report the percentage of average industrial earnings represented by the State retirement pension (a) for a single person and (b) for a married couple, as at 1st January 1972. 1973, 1974 and 1975, respectively.
The information is as follows:
|STANDARD RATE OF RETIREMENT PENSION AS PERCENTAGE OF GROSS AVERAGE EARNINGS*|
|Single person||Married couple|
|January each year—|
|* Estimated average earnings of male, adult, full-time manual workers in manufacturing and certain other industries based on the Department of Employment's regular October enquiry.|
|† The figures reflect temporary reductions in earnings whilst three-day working and other restrictions were in operation.|
|‡ Provisional figures for latest date available, which is November 1974.|