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Guarantee Credit and Savings Credit

Volume 457: debated on Wednesday 7 March 2007

To ask the Chancellor of the Exchequer what his estimate is of the amount of (a) guarantee credit and (b) savings credit that will be paid in each year from 2006 to 2052 for people aged (i) 60 to 64 years, (ii) 65 to 69 years, (iii) 70 to 74 years and (iv) 75 years and over. (103511)

I have been asked to reply.

The answer is set out in the following table.

Projected pension credit expenditure by age band, 2006-07 to 2050-51

£ million

Aged 60-64

Aged 65-69

Aged 70-74

Aged 75 years and over

Guarantee credit

Guarantee credit

Savings credit

Guarantee credit

Savings credit

Guarantee credit

Savings credit

2006

1,593

1,004

163

790

195

2,584

824

2007

1,739

1,041

166

820

192

2,612

837

2008

1,827

1,093

165

853

186

2,640

834

2009

1,898

1,158

161

897

178

2,692

818

2010

1,941

1,222

154

942

169

2,735

797

2011

1,952

1,148

164

965

167

2,918

803

2012

1,848

1,109

173

961

166

3,047

820

2013

1,609

1,065

173

899

167

3,214

853

2014

1,505

1,037

171

884

166

3,308

888

2015

1,270

991

154

853

167

3,383

910

2016

1,132

1,025

148

831

163

3,392

921

2017

835

1,025

154

796

160

3,457

907

2018

699

1,063

175

763

157

3,563

895

2019

343

1,068

199

730

152

3,699

874

2020

174

1,105

224

685

147

3,815

867

2021

1,046

236

676

144

3,915

862

2022

973

223

682

156

3,929

867

2023

869

197

690

167

3,980

877

2024

771

156

666

177

4,034

885

2025

654

130

660

178

4,112

894

2026

542

118

624

179

4,115

895

2027

478

132

616

169

4,049

906

2028

468

147

567

152

3,963

917

2029

517

157

528

134

3,894

934

2030

601

168

462

123

3,864

933

2031

649

173

431

122

3,802

932

2032

667

171

424

126

3,701

922

2033

711

165

430

135

3,568

934

2034

673

150

472

146

3,483

939

2035

576

137

525

155

3,433

967

2036

420

115

578

170

3,377

983

2037

363

108

571

175

3,309

987

2038

404

99

538

176

3,212

971

2039

463

93

478

165

3,157

952

2040

499

78

444

153

3,148

956

2041

510

66

429

135

3,114

970

2042

571

63

442

119

3,019

988

2043

614

J38

459

104

2,907

1,006

2044

520

66

525

98

2,859

1,007

2045

396

61

581

96

2,900

1,001

2046

320

49

592

95

2,911

974

2047

348

46

539

95

2,887

950

2048

338

47

509

92

2,832

917

2049

354

50

488

89

2,761

880

2050

345

52

484

85

2,699

846

Notes:

1. Estimates are given in £ million, 2006-07 prices.

2. Figures refer to financial years. For example 2006 refers to 2006-07. Estimates for 2051-52 and 2052-53 are not available.

3. All expenditure projections apply to the whole of the United Kingdom.

4. Expenditure is projected under the reforms presented in the Pensions Bill Regulatory Impact Assessment.