State Pension: Triple Lock

Lord Foulkes of Cumnock Excerpts

Tuesday 21st January 2025 Lords Chamber

[Baroness Sherlock (Lab)]

My Lords, I have made our position very clear on the triple lock: this Government are committed to the triple lock for the entirety of this Parliament. I am glad to be able to confirm that again today. However, underneath the noble Baroness’s question is something important about the gender pensions gap. I know that the noble Baroness has raised this before; I commend her for her commitment to this issue, which I share.

There are two things that I would say on this. First, the gender pensions gap starts with the gender pay gap, and this Government are determined to tackle that. For example, we have brought in gender pay audits. Once they come into place, we will be able to see what is happening on the ground, then address it and make it better. Secondly, the new set-up is better. Under the new state pension, we are finding that women pensioners are getting about 98% of what their male counterparts are getting; this was not the case under the old system.

Between these two things, and the review to make sure that private pensions work, as well as making sure that we get people into auto-enrolment, and that they get enough return on their investments, I hope that, bit by bit, we will improve the system for all pensioners, including women. I thank the noble Baroness for continuing to raise this in the House; it is an incredibly important issue.

[Lord Foulkes of Cumnock (Lab Co-op)]

My Lords—

[Viscount Hailsham (Con)]

My Lords—

--- Later in debate ---

[Lord Foulkes of Cumnock (Lab Co-op)]

My Lords, can I assure the Minister that her confirmation today that the Labour Government will keep the triple lock for the whole of the Parliament is the best news for pensioners? I say that as co-chair of the APPG for pensioners and as a former director of Age Concern. We are really grateful to the Minister for that reassurance.

[Baroness Sherlock (Lab)]

My Lords, I am very glad to be able to give my noble friend that news, especially on his birthday. What better present could he possibly want?