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Retirement: Age

Work and Pensions written question – answered on 8th June 2011.

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Photo of Rachel Reeves Rachel Reeves Shadow Minister (Work and Pensions)

To ask the Secretary of State for Work and Pensions

(1) if he will estimate the number of (a) women and (b) men who would be affected by increasing the state pension age for men and women from 65 to 66 between 2020 and 2022 and bringing forward the proposed increased in the state pension age to 67 years old in 2036 by 18 months;

(2) if he will estimate the savings to the Exchequer which would arise from increasing the state pension age from 65 to 66 between 2020 and 2022 and bringing forward the proposed increase in the state pension age to 67 years old in 2036 by 18 months;

(3) if he will estimate the maximum delay in additional time for a (a) man and (b) woman to wait to receive a state pension in the case where the state pension age for both men and women increased from 65 to 66 between 2020 and 2022 and the proposed increase in the state pension age to 67 years old in 2036 was brought forward by 18 months.

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

The number of women and men who would be affected by increasing the state pension age from 65 to 66 between 2020 and 2022 and bringing forward the legislated increase to 67 by 18 months is 2.9 million and 2.9 million, respectively.

The maximum delay for both men and women compared to the currently legislated timetable in the case where the state pension age for both men and women increased from 65 to 66 between 2020 and 2022 and the proposed increase to 67 in 2036 was brought forward by 18 months would be of 12 months.

Increasing the state pension’s age from 65 to 66 between 2020 and 2022 would result in savings of £19.7 billion (in 2010-11 prices) between 2020-21 and 2025-26. This is significantly less than the savings of £30 billion (in 2010-11 prices) between 2016-17 and 2025-26 resulting from the Pensions Bill 2011 timetable.

Bringing forward the proposed increase in the state pension age to 67 by 18 months from the legislated timetable would result in savings of £11 billion (in 2010-11 prices) between 2032-33 and 2035-36.

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