Pensions: Triple Lock Debate

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Baroness Eaton

Main Page: Baroness Eaton (Conservative - Life peer)

Pensions: Triple Lock

Baroness Eaton Excerpts
Wednesday 16th March 2022

(2 years, 9 months ago)

Lords Chamber
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Baroness Scott of Bybrook Portrait Baroness Scott of Bybrook (Con)
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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.

Baroness Eaton Portrait Baroness Eaton (Con)
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My Lords, what are the Government doing to increase the take-up of pension credits?

Baroness Scott of Bybrook Portrait Baroness Scott of Bybrook (Con)
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I thank my noble friend for that question because pension credits are important, particularly for very vulnerable pensioners and those on very low incomes. At the moment, there are about 1.4 million people claiming around £5 billion in pension credit but only about 73% of the people who should be taking it up are doing so. The important thing is that we have to continue to raise awareness. We have put out many letters to pensioners while encouraging them, through the press and social media, to take this up because it is money that is sitting there and should be in their pockets.