Lord Wills – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Wills on 2014-04-03.

To ask Her Majesty’s Government what estimate they have made of the impact on public spending as a result of the new pension arrangements announced in the 2014 Budget.

Lord Deighton

The impact will depend on how people choose to use their pension savings, which is difficult to predict. The Government expects any impact to be small in the context of the other pension measures announced in this Parliament – including State Pension age changes, the introduction of the single tier pension and public service pension reform – which are projected to save around £17 billion in 2030 in today’s terms. The estimated net fiscal impact of pension changes announced in this Parliament can be found in Chart 1.12 of the Red Book here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293759/37630_Budget_2014_Web_Accessible.pdf