Work and Pensions

Monday 6th September 2010 Ministerial Corrections

Pensions: Index Linking

[Mrs McGuire]

To ask the Secretary of State for Work and Pensions what estimate he has made of the change in expenditure in the Financial Assistance Scheme attributable to the use of the consumer prices index for pension indexation in the next five years.

[Official Report, 27 July 2010, Vol. 514, c. 1154-1155W.]

Letter of correction from Steve Webb:

An error has been identified in the written answer given to the right hon. Member for Stirling (Mrs McGuire) in response to Named Day PQ 10/11057 on 27 July 2010.

The answer given was as follows (error indicated by italics):

[Steve Webb]

The figures show the estimated annual reduction in Financial Assistance Scheme expenditure as a result of switching the indexation of payments in payment and revaluation of payments in deferment from RPI to CPI from 2011.

Figures are in cash terms and are rounded to the nearest £100,000. The reduction represents 0.1% of estimated total FAS spending in each year.

[Steve Webb]

The figures show the estimated annual reduction in Financial Assistance Scheme expenditure as a result of switching the indexation of payments in payment and revaluation of payments in deferment from RPI to CPI from 2011.

Figures are in cash terms and are rounded to the nearest £100,000. The reduction represents 0.1% of estimated total FAS spending in the first year.