State Retirement Pensions

(asked on 8th September 2021) - View Source

Question to the Department for Work and Pensions:

To ask Her Majesty's Government what assessment they have made of the cost savings that will be achieved through the suspension of the "triple lock" on state pension payment increases.

Answered by
Baroness Stedman-Scott Portrait
Baroness Stedman-Scott
Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
This question was answered on 22nd September 2021

Our latest estimates are that the difference between maintaining the Triple Lock in the face of the earnings spike and the double lock could be £4-5 billion. But we will not know the final numbers until later in the autumn.

Since 2010, we have increased the value of the full yearly basic State Pension by over £2,050, in cash terms. We now spend over £129 billion a year on pensioners in 2021/22.

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Recent Documents related to State Retirement Pensions

1. Social Security (Up-rating of Benefits) Bill
06/10/2021 - Bill Documents

Found: allow the Government to set aside the earnings requirement of the triple lock for assessing state pension

2. State Pension Uprating
02/02/2018 - Parliamentary Research

Found: PAPER Number SN-05649, 2 February 2018 State Pension uprating - 2010 onwards By Djuna Thurley Inside:

3. Briefing paper on the Bill
25/09/2020 - Bill Documents

Found: Contents Summary 3 1. Background 4 1.1 The State Pension system 4 2. Statistics 6 2.1 Caseloads 6

4. State Pension triple lock
29/06/2017 - Parliamentary Research

Found: PAPER Number CBP-07812, 29 June 2017 State Pension triple lock By Djuna Thurley & Richard Keen Contents:

5. Report to Parliament on the 2021 re-rating and up-rating orders
19/01/2021 - Government Actuary's Department
- View source

Found: Report by the Government Actuary on: The draft Social Security Bene˜ts Up-rating Order 2021; and The

Latest Documents
Recent Speeches related to State Retirement Pensions

1. Social Security (Up-rating of Benefits) Bill
13/10/2021 - Lords Chamber

1: to undertake a review of social security and state pension rates to consider whether benefits have kept - Speech Link

2. Social Security Benefits Up-rating Order 2021
10/02/2021 - Grand Committee

1: benefit occupational pension schemes to increase their members’ guaranteed minimum pension which built up from - Speech Link

3. Pensions Update
07/09/2021 - Commons Chamber

1: will make a statement on the annual uprating of state pensions and survivors’ benefits in industrial death - Speech Link

4. Social Security
04/03/2019 - Commons Chamber

1: full rate of the new state pension by the triple lock, to increase the pension credit standard minimum - Speech Link
2: additional state pension, this year the state earnings-related pension scheme and the other state second - Speech Link

5. Social Security (Up-rating of Benefits) Bill
27/10/2020 - Lords Chamber

1: before Parliament the draft of an order which increases each of the amounts referred to in subsection - Speech Link
2: Government’s thinking. There is a commitment that the Government will uprate pensions and other benefits in line - Speech Link
3: to the basic pension and the standard minimum guarantee. At the moment, the triple lock does not apply - Speech Link

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