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Pensions

Volume 488: debated on Wednesday 25 February 2009

To ask the Secretary of State for Work and Pensions if he will estimate the weekly income, to the nearest whole pound, from the basic state pension and pension credit for a single person who began work in 2012 and who retired at 68 with a full history of national insurance contributions and had (a) no savings and (b) non-pensions savings of (i) £1,000, (ii) £2,000, (iii) £3,000, (iv) £4,000, (v) £5,000 and (vi) £10,000. (249442)

It is projected that a single person aged 25 in 2012, who earned median earnings throughout their working life would receive £159 basic state pension plus state second pension on reaching state pension age of 68 in 2055. They would not be entitled to pension credit. This figure is not affected by different non-pension savings scenarios, Figures are in 2008-09 earnings terms.