State Retirement Pensions

Work and Pensions written question – answered at on 7 April 2014.

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Photo of Gordon Marsden Gordon Marsden Shadow Minister (Transport)

To ask the Secretary of State for Work and Pensions what assessment he has made of whether an individual on the minimum wage for a full working lifetime will receive a higher retirement income under the new single tier pension system than under the existing pension system.

Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions

It is not possible to answer this question, as in order to calculate how much state pension an individual may receive in retirement under the single-tier system, compared to the current system, it is necessary to make a considerable number of assumptions. For instance: when they reach state pension age, whether they have been contracted-out of the additional pension, or how many years they live after retirement.

Chapter 3 of the Single Tier Impact Assessment provides a detailed commentary on factors that are likely to influence whether someone is a notional gainer or loser compared to the current system.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/254151/a-pensions-bill-single-tier-ia-oct-2013.pdf

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