Lord Dobbs
Main Page: Lord Dobbs (Conservative - Life peer)
Baroness Scott of Bybrook (Con)
The noble Baroness brings up a very interesting point. I do not believe that we have discussed that, and it is not in our plans to deliver that, but I will take it back to the department and we will discuss it further—and I will write to the noble Baroness.
Lord Dobbs (Con)
My Lords, I am grateful to my noble friend for raising this Question in the first place. There are 12.5 million state pensioners, and they require a budget of more than £100 billion a year. That burden, if we can put it that way, is projected to double over the next 20 years. This is great news for pensioners, of course, but is there not a hidden imbalance in these figures because, in future years, that burden—that huge budget—will be borne by young people rather than the elderly? So is it not right that we should look very closely at the balance in all our budgetary provisions for pensions? In particular, is it not appropriate to look at the triple lock to see whether it achieves the right balance between those who receive and those who have to provide?
Baroness Scott of Bybrook (Con)
My noble friend must not forget that today’s working-age people are tomorrow’s pensioners. Future generations of pensioners, not just the current ones, will benefit from this uprating approach. In the long term, if the triple lock is maintained, younger people will benefit as the value of the state pension continues to rise above the trends of earnings rates and price growth.