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Pensions

Volume 173: debated on Tuesday 5 June 1990

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To ask the Secretary of State for Social Security what increase in contributions would be required in each of the next five years to build up the national insurance fund in order to be able to fund pensions for men payable from 60 years from that date.

The national insurance fund operates on a "pay as you go" basis, with current contribution income financing current benefit expenditure, rather than on the basis of accruing funds to meet possible future outgoings. The information is not therefore available in the form requested.