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Fowler, Lord (3)
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My Lords, that is a vast unfunded debt. The Minister will have seen estimates in the press today showing that the true figure could be substantially higher. Does that not show how foolish and unjust it was for the Government to have gone back on their pledge to immediately move to increase retirement ages past 60 in the public sector, particularly when they are urging those in the private sector, who will help pick up the bill for the debt, to work beyond the age of 65?
My Lords, that is a vast unfunded debt. The Minister will have seen estimates in the press today showing that the true figure could be substantially higher. Does that not show how foolish and unjust it was for the Government to have gone back on their pledge to immediately move to increase retirement ages past 60 in the public sector, particularly when they are urging those in the private sector, who will help pick up the bill for the debt, to work beyond the age of 65?
Asked by
Lord Fowler
(Conservative)
Oral questions - 1st Supplementary
Status
Answered
Answered on
9 March 2006
My Lords, that is not a fair statement of the current position. The deal agreed by the Secretary of State for Work and Pensions last year delivered all the savings that the Government originally targeted from the change in pension ages for the NHS, teachers and the Civil Service. As the deal makes clear, however, that is only part of the reforms needed.
You can arrive at any figure for the unfunded liability. It depends on the discount rate that you use, and some of them have been quite silly. The key point and test, given that these are unfunded issues, is whether they can be met from public expenditure on an ongoing basis. The long-term forecast shows that, over 50 years, the percentage of GDP spent on these unfunded pensions will rise from the current 1.5 per cent to 2.1 per cent at the end of the 50 years. That is perfectly sustainable under the forecasts.
Subjects
Debts; Age; Workplace pensions; Public sector; Pension funds; Retirement
Date
9 March 2006
Reference
679 c862
Chamber / Committee
House of Lords chamber
House
House of Lords
Lords debate on motion to call attention to the current issues concerning public sector and private pensions. Motion withdrawn.
Lords debate on motion to call attention to the current issues concerning public sector and private pensions. Motion withdrawn.
Lead member
Lord Fowler
Answering member
Lord Hunt of Kings Heath
Department
Department for Work and Pensions
Type
Debates
Subjects
Age; Civil servants; Women; Forecasts; NHS; Pension credit; Personal income; Pensioners; Pensions; Public sector; State retirement pensions; Taxation; Retirement; Pensions Commission
Date
17 November 2005
Reference
675 c1230-72
Chamber / Committee
House of Lords chamber
House
House of Lords
Lords debate on motion to call attention to the Green Paper on saving for retirement (Cm 5677) and to the promotion of adequate pension provision in the United Kingdom. Motion withdrawn.
Lords debate on motion to call attention to the Green Paper on saving for retirement (Cm 5677) and to the promotion of adequate pension provision in the United Kingdom. Motion withdrawn.
Lead member
Lord Fowler
Answering member
Lord Higgins
Department
Department for Work and Pensions
Type
Parliamentary proceedings
Subjects
Age; Annuities; Women; Forecasts; Private sector; Workplace pensions; Pensions; Personal pensions; Pension funds; Pension rights; State retirement pensions; Taxation; Retirement
Date
5 March 2003
Reference
645 c823-73
Chamber / Committee
House of Lords chamber
House
House of Lords