§ Mr. Latham
asked the Secretary of State for Social Services what would be the cost to public funds of (a) reducing the retirement age for men, but paying full pension, to 64 years as from 1 September 1985 and (b) reducing it to 60 years, by 1990, assuming increases in pension rates between November 1985 and November 1990 to match the rate of inflation.
§ Mr. Whitney
The latest available estimates of the cost of reducing pension age are contained in the third report from the Social Services Committee on the "Age of Retirement" (HC26: 1982). These estimates indicate that the cost of reducing the pension age for men to 64 would be £400 million at 1981–82 benefit levels. The cost of reducing the pension age for men to 60 is estimated at £2,500 million, also at 1981–82 benefit rates. An estimate for a phased reduction pension age for men to age 60 by 1990 is not available in the form requested. The estimates provided for the Social Services Committee are at present being updated.