Mr Major’s Written Parliamentary Answer on Retirement Age – 18 February 1986

Below is the text of Mr Major’s written Parliamentary Answer on Retirement Age on 18th February 1986.

Mr. Wigley Asked the Secretary of State for Social Services if he will publish a table indicating his estimates of the additional annual cost to Government funds on areas within his responsibility if the retirement age for (a) men and (b) women were reduced in 12-month steps from their present level to a uniform retirement age of 55 years of age.

Mr. Major No figures are available to show the estimated additional cost of reducing the retirement age to below age 60 for men, nor are any figures available to show the estimated additional cost of reducing the retirement age for women to below the present retirement age of 60. The net estimated additional annual cost to public funds of reducing the retirement age for men from age 65 to age 60 is as follows:

Reduction in retirement age to: | Estimated additional annual cost (rounded) in £ million

64 | 400

63 | 900

62 | 1,400

61 | 1,900

60 | 2,600

These figures also take account of the increase in tax revenue which could result from a change.