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Pensionable Age

Volume 886: debated on Thursday 20 February 1975

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asked the Secretary of State for Social Services what would be the net cost or benefit to the National Insurance Fund if the retirement age were altered for pension purposes to 64 years of age for both men and women with contributions payable up to that age but not thereafter.

On the assumption that insured persons would cease to pay contributions at age 64 except where retirement is deferred, the cost to the National Insurance Fund would be about £40 million a year at the rates of benefit due to come into effect in April.