The text on this page has been created from Hansard archive content, it may contain typographical errors.
Mr. Austin Mitchell
asked the Secretary of State for Social Services what is his estimate of the cost of the state earnings-related pension scheme in 2034 as a percentage of gross domestic product.
Mr. Newton
There are no generally agreed forecasts of gross domestic product so far ahead into the future, but if its growth were assumed to be 2 per cent. between now and 2033–34, the cost of the state earnings-related pension scheme would rise to over 3 per cent. of gross domestic product in that year. This would be in addition to spending on the basic national insurance pension.