State Retirement Pensions
(asked on 1st November 2016) - View Source
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what estimate he has made of the cost of a real terms increase of (a) 1.5 and (b) 2.5 per cent in the basic state pension in each year to 2025.
The following table shows forecasts of Basic State Pension expenditure with
(1) Triple lock uprating using Budget 2016 uprating assumptions
(2) Real terms increase of 1.5% (CPI + 1.5%) using Budget 2016 CPI assumptions
(3) Real terms increase of 2.5% (CPI + 2.5%) using Budget 2016 CPI assumptions
Basic State Pension Expenditure, Budget 2016, under various uprating schemes from 2017/18 to 2020/21, £ billion
| 2016/17 | 2017/18 | 2018/19 | 2019/20 | 2020/21 | |
(1) BSP expenditure, Budget 2016 | 69.0 | 68.5 | 68.5 | 68.6 | 68.2 |
|
(2) BSP expenditure uprated by CPI + 1.5% | 69.0 | 68.2 | 67.9 | 68.1 | 67.7 |
|
(3) BSP expenditure uprated by CPI + 2.5% | 69.0 | 68.9 | 69.2 | 70.1 | 70.3 |
|
Forecasts to 2025 are not available as the most recent long-term projections were published in summer 2015 and use different uprating assumptions and different underlying population projections to these Budget 2016 based forecasts.