Hansard

Retirement Pension

Volume 268: debated on Wednesday 20 December 1995

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Mr. Chris Smith

To ask the Secretary of State for Social Security what estimate he has made based on assumptions used in "Equality in State Pension Age", Cm. 2420, of the amount of (a) basic retirement pension and (b) SERPS addition payable to someone newly retired in (i) 1996–97, (ii) 2025 and (iii) 2035, giving figures separately for men and women with a full contribution record and lifetime earnings equal to (1) average male or female earnings and (2) half of average male or female earnings, expressed in cash terms in April 1996 prices and as a percentage of average earnings in the relevant years. [6530]

Mr. Heald

The information is in the table.

199620252035
Basic retirement pension61.1561.1561.15
Additional pension based on average earnings
Male77.3099.60103.50
Female47.7068.9079.60
Additional pension based on half average earnings
Male32.1043.9050.60
Female17.3025.5031.70
As percentage of average earnings
Basic retirement pension
Male15109
Female211412
Additional pension based on average earnings
Male201615
Female171615
Additional pension based on half average earnings
Male877
Female666

Notes:

  • 1. Estimated average earnings 1996–97 Males 397.44 Female 288.91
  • 2. Real earnings are assumed to increase by 1.5 per cent. a year.
  • 3. Estimates take Annualisation from 2000 and the equalisation of State pension age from 2020 into account.
  • 4. Amounts are expressed in 1996 prices. Estimates are rounded to nearest 10 pence. Percentages are rounded to nearest whole per cent.