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State Retirement Pensions

Work and Pensions written question – answered on 25th February 2013.

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Photo of Gregg McClymont Gregg McClymont Shadow Minister (Work and Pensions)

To ask the Secretary of State for Work and Pensions pursuant to the answer of 11 February 2013, Official Report, column 510W, on state retirement pensions, what the average protected amount is which would be received by an individual.

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

Individuals who have a national insurance record of more than the full single-tier pension at the point of implementation will get the full level of the single-tier pension, and keep any amount above this as a 'protected payment' when they reach state pension age.

Of those reaching state pension age between 2017 and 2060, the Department's modelling suggests that around 5% would receive a 'protected payment' and that the median value at state pension age would be £6 per week, in 2012-13 earnings terms.

Protected payments will in general be much large than this when the single-tier pension is first introduced. The average value will decline over this time.

Source:

DWP modelling based on PENSIM2

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