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Pensions

Volume 934: debated on Monday 27 June 1977

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asked the Secretary of State for Social Services what proportion of the pension of an individual who began drawing a full State retirement pension on 1st April 1977 after making the necessary contributions, would be covered by the contributions on (a) the present pay-as-you-go basis and (b) assuming interest accruing at the same rate as for a first-class life office.

asked the Secretary of State for Social Services what was the cost to the Exchequer of paying State retirement pensions, excluding the Christmas bonus, in each of the last five years.

Retirement pensions are paid out of the National Insurance Fund. The cost over the last five years was:

£ million
1972–732,369
1973–742,752
1974–753,578
1975–764,791
1976–775,655 (provisional)