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Type
House
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Price, Adam (1)
Primary member
Answering member
Legislative stage
Legislation
Subject
Publisher
To ask the Secretary of State for Work and Pensions, what recent assessment he has made of the cost of re-introducing the link between the state pension and average earnings. - Includes figures.
To ask the Secretary of State for Work and Pensions, what recent assessment he has made of the cost of re-introducing the link between the state pension and average earnings. - Includes figures.
Asked by
Adam Price
(Plaid Cymru)
Answered by
Ian McCartney
(Labour)
Answering body
Department for Work and Pensions
Type
Written questions
Status
Answered
Tabled on
1 November 2002
For answer on
6 November 2002
Answered on
6 November 2002
Adam Price: To ask the Secretary of State for Work and Pensions what recent assessment he has made of the cost of reintroducing the
link between the state pension and average earnings. [79765]
Mr. McCartney: Reintroducing the earnings link does nothing to help poorer pensioners. To do so would cost around £410m net in
2003-04 in today's prices. However, we will be spending an extra £6bn a year in real terms on pensioners as a result of policies
introduced since 1997. This includes £2.5bn more on the poorest third of pensioners. This is three times more than an earnings link
since 1998 would have given them.
Increases in the basic State Pension over the last two years have given single pensioners £2.10 a week more than an earnings link
would have given them and £3.35 more for couples.
Note:
The costs of increasing the basic State Pension by earnings are in 2002-03 prices, rounded to the nearest £10m.
Subjects
Costs; Index linking; Pensioners; Pensions; State retirement pensions; Uprating; Average earnings
Date
6 November 2002
Reference
392 c294W;392 c307W; 79765
House
House of Commons