RESTORING THE PENSIONS - EARNINGS LINK

Summary

That this House welcomes the statement of the Government Actuary that the link between the basic pensions and the earnings level could be restored for the next five years without any increase in National Insurance contributions; notes the answers to parliamentary questions that confirm that keeping contributions at their present level, as a proportion of earnings, would allow the link to be paid until 2011 while producing a surplus of ú4 billion; and believes that this evidence fully justifies an immediate restoration of the link and a declaration of the Government's intent to increase pension levels at the true rate of earnings inflation.

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