Pensions (Value)

Oral Answers to Questions — Pensions and National Insurance – in the House of Commons at 12:00 am on 7th February 1966.

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Photo of Mr Julian Ridsdale Mr Julian Ridsdale , Harwich 12:00 am, 7th February 1966

asked the Minister of Pensions and National Insurance what is the value of the pension in real terms at the latest date, compared with May 1963, after the increase in pensions had been made.

Photo of Mr Norman Pentland Mr Norman Pentland , Chester-le-Street

At current prices the present retirement pension rates of 80s. (single) and 130s. (for a couple) are worth 5s. l0d. and 10s. 4d. more, respectively, than the 67s. 6d. and 109s. rates introduced in May 1963.

Photo of Mr Julian Ridsdale Mr Julian Ridsdale , Harwich

Does this figure contain an allowance for the 50 per cent. increase in water rates which some old-age pensioners are having to bear as a result of the last Budget? Would the hon. Gentleman please say how he arrived at these figures?

Photo of Mr Norman Pentland Mr Norman Pentland , Chester-le-Street

This figure covers everything in the index of retail prices. Despite an increase in prices, the purchasing power of the retirement pension today is at a higher level than it was at any time during the 13 years of Tory rule.