State Retirement Pensions: Finance

Treasury written question – answered at on 14 March 2024.

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Photo of Liz Kendall Liz Kendall Shadow Secretary of State for Work and Pensions

To ask the Chancellor of the Exchequer, with reference to his Financial Statement from 6 March 2024, Official Report, column 851, whether his Department has made an assessment of potential alternative funding mechanisms for the State Pension.

Photo of Liz Kendall Liz Kendall Shadow Secretary of State for Work and Pensions

To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential impact of abolishing national insurance contributions on state pension entitlements.

Photo of Liz Kendall Liz Kendall Shadow Secretary of State for Work and Pensions

To ask the Chancellor of the Exchequer, what discussions he has had with the Secretary of State for Work and Pensions on the potential impact of abolishing National Insurance contributions on (a) calculating and (b) accounting pension entitlements.

Photo of Liz Kendall Liz Kendall Shadow Secretary of State for Work and Pensions

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of abolishing National Insurance contributions on how qualifying years for pension entitlement would be (a) calculated and (b) accounted.

Photo of Nigel Huddleston Nigel Huddleston The Financial Secretary to the Treasury

The Government believes the double taxation of work is unfair. That is why we’ve cut 4p from employee NICs in the last six months which will mean the average worker receives a tax cut worth £900 this coming year and why we are committed to ending this unfairness.

Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.

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