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State Earnings-Related Pension

Volume 75: debated on Tuesday 12 March 1985

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43.

asked the Secretary of State for Social Services what is his latest forecast for the cost of the state earnings-related pension scheme in 1990 and 2000.

The latest estimate is that made by the Government Actuary in his 1982 quinquennial review. On the assumption that earnings and earnings limits increased at 8 per cent. a year from 1985–86 and that earnings-related pensions increased at 6 per cent. a year from the date of award, the cost of earnings-related additional component for retirement pensioners would be £479 mi lion in 1990–91 and £1,787 million in 2000–01 at 1981–82 earnings levels.(

Source: National Insurance Fund Long Term Financial Estimates, HMSO 1982, Appendix H).