Oral Answers to Questions

Richard Graham Excerpts

Thursday 8th December 2016 Commons Chamber

[Justine Greening]

One of the best things we can do to help women financially is to make sure we have a strong economy, and that is precisely what we have done, hence the record employment levels for women, which are good news. The hon. Lady’s question missed out our raising of the personal allowance, which has disproportionately helped lift women out of tax altogether.

[Richard Graham (Gloucester) (Con)]

T3. One of the changes to the state pension that everyone should welcome, but which is not as well known as it should be, is the recognition given to the years spent by women bringing up children, which now count as a national insurance credit towards a full state pension. Will my hon. Friend update the House on the number of women starting to benefit from this and its estimated value during a mother’s retirement?

[The Parliamentary Under-Secretary of State for Welfare Delivery (Caroline Nokes)]

By 2030, over 3 million women stand to gain on average £550 extra per year as a result of these changes. For women reaching state pension age in 2016-17, their median net income in retirement is estimated to be approximately £207,000. This is more on average than women have ever received.