Pensions

Work and Pensions written question – answered on 30th March 2006.

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Photo of Alan Simpson Alan Simpson Labour, Nottingham South

To ask the Secretary of State for Work and Pensions what estimate he has made of the annual cost of implementing the Ombudsman's recommendations set out in his report Trusting in the Pensions Promise.

Photo of Stephen Timms Stephen Timms The Minister of State, Department for Work and Pensions

We estimate that the gross average annual cost of restoring pensions in full to all those covered by the parliamentary ombudsman's report would be £250 million in cash terms over some 60 years. Annual costs would vary over time peaking at £400 million around the year 2030.

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