Pensions: Triple Lock

Baroness Bryan of Partick Excerpts

Wednesday 16th March 2022 Lords Chamber

Asked by

[Baroness Bryan of Partick]

To ask Her Majesty’s Government what assessment they have made of the impact that the suspension of the triple lock on pensions will have on the lives of pensioners.

[Baroness Scott of Bybrook (Con)]

My Lords, during the passage of the Social Security (Up-rating of Benefits) Act 2021, which suspended the earnings link for state pensions uprating for one year, the Government published an impact assessment. The one-year suspension of the triple lock was in response to the extraordinary economic circumstances at the time, and the Government are committed to applying the triple lock as usual from 2023-24 and for the remainder of this Parliament.

[Baroness Bryan of Partick (Lab)]

I thank the Minister for the reply, although telling us that they were looking in their rear-view mirror when making these decisions is not very helpful. We were told at the time that the suspension was justified because 8% inflation was unthinkable. Can the Minister tell us what the inflation rate on household energy is expected to be next month? Can she also perhaps tell us what the inflation rate on budget brands of food is likely to be and, most importantly, how she expects people on state pensions to stay warm and fed?

[Baroness Scott of Bybrook (Con)]

My Lords, I cannot look into a crystal ball and give those figures but they will come out. We know that they are much higher than we ever expected at that time, which is due to global rather than domestic issues. The important thing with this is that the Secretary of State has to undertake an annual review of benefits and pensions, and the CPI in the year to September is the latest figure that they can use to allow sufficient time for the required legislation and operational changes before new rates can be introduced in the new financial year. As I mentioned on a previous Question, because it had to be done at that time, the Government looked at the pressures on the budgets of families and pensioners and made the changes that I spoke about earlier.