Oral Answers to Questions

Debate between Emma Reynolds and Peter Swallow

Monday 16th December 2024 Commons Chamber

[Peter Swallow (Bracknell) (Lab)]

T8. My constituent Gary has seen his real-terms income fall because the pension he built up before 1997 in a defined-benefit scheme is not subject to indexation, even though 80% of defined-benefit schemes are in surplus. Will my right hon. Friend ask the Pensions Regulator to look at this issue?

[Emma Reynolds]

I thank my hon. Friend for representing the concerns of his constituent. The Department is working closely with the Pensions Regulator. We are looking to gather information on the number of schemes that provide discretionary increases on pre-1997 benefits and those that do not. At the moment, the trustees of those schemes have discretion over the decision to index those benefits.