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Retirement Age

Volume 892: debated on Wednesday 14 May 1975

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asked the Chancellor of the Exchequer what is the estimated net cost to the Exchequer of lowering the male retirement age to 60, including loss of tax and national insurance revenue.

The cost of lowering the male retirement age to 60 would depend on the extent to which men retired at the lower age. On the assumption that the pattern of male retirement during the first five years after age 60 would be the same as it is now between 65 and 70, the additional cost of retirement and supplementary pensions at the current rates of benefit, together with the loss of national insurance contributions, would be about £1,400 million. On the same assumptions, the loss of tax might be around £800 million in 1975–76 terms.