State Pension

Lord Cormack Excerpts

Thursday 28th April 2016 Lords Chamber

[Baroness Altmann]

The noble Lord has asked about five questions. However, I can certainly reassure the House that there is an absolute commitment to protect pensioner benefits up to 2020, and the basic state pension and the full new state pension, through the triple lock. As regards the expenditure on state pension, the reason that there are losers, if you like, in the long run—although I would not call them losers—is that we need to make the state pension system sustainable. That is exactly what the new state pension system will do. Indeed, with the introduction of the state pension, 75% of women and 70% of men will get more state pension. In the long term, the aim is for the auto-enrolment private pension to make up for the loss of earnings-linked state pensions.

[Lord Cormack (Con)]

My Lords, I am sure that is very welcome news, but reverting to the question asked by my noble friend Lord Lawson, will my noble friend remind the House of the total cost of the winter fuel payment?