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Pension Age

Volume 930: debated on Wednesday 27 April 1977

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asked the Secretary of State for Social Services what would be the extra cost at the current pension rate to the National Insurance Fund of reducing the pension age for men by annual stages down to 60 years, giving separately the cost of each stage.

The extra cost to the National Insurance Fund of reducing men's pension age to 60 would be nearly £1,900 million in a full year, at current pension rates. If the reduction were phased in over five years, the first step would cost about £325 million, the second about £365 million, and each further step about £400 million. These figures take account of the extra cost of pensions, the savings from other benefit payments to men over 60, and the losses of contribution income to the fund.