Retirement Pension

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.--------------------------
|                        |
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|Basic retirement pension|
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|Male                    |
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|Female                  |
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|Male                    |
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|Female                  |
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|Male                    |
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|Female                  |
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|Male                    |
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|Female                  |
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|Male                    |
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|Female                  |
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Notes: 1. Estimated average earnings 1996–97 Males 397.44 Female 288.912. 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.