State Retirement Pensions

(asked on 14th 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 effect of rising wages on the feasibility of re-introducing the "triple lock" on pensions in 2022.


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

The Government has introduced the Social Security (Uprating of Benefits) Bill which will suspend the earning linked measure of the Triple Lock for up-rating for 2022/23 only. The Government remains committed to implementing the Triple Lock in the usual way for 2023/24 and the remainder of the Parliament.

Decisions on the rates for State Pensions are made each Autumn as part of the Up-rating review by the Secretary of State for Work and Pensions. These are normally informed by earnings and prices data published in October each year. We will review the 2022 earnings growth figures at the appropriate time.

This content was generated for your convenience by Parallel Parliament and does not form part of the official record.
Recent Documents related to State Retirement Pensions

1. Institute of Faculty and Actuaries - written evidence
24/07/2019 - Inquiry: Spending Review - Work and Pensions Committee
- View source

Found: Actuaries (SPR0013)  IFoA response to Work and Pensions Committee inquiry on DWP Spending Priorities 1

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

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

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

Found: Number CBP-07812, 29 June 2017 State Pension triple lock By Djuna Thurley & Richard Keen Contents: 1

4. 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

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

Found: 10 The State Pension earnings link 10 The triple lock 12 Guarantee Credit uprating 13 Uprating of

Latest Documents
Recent Speeches related to State Retirement Pensions

1. Social Security (Up-rating of Benefits) Bill
20/09/2021 - Commons Chamber

1: link. Otherwise, state pensions would have remain frozen. I then made the assessment, and awarded an uprating - Speech Link
2: legislation, it raises fundamental questions about this Government and the trust that they enjoy among people across - Speech Link

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

1: aside the earnings link; otherwise, these state pensions would have remained frozen. The Secretary of State - Speech Link
2: the new state pension introduced in 2016. The Government presented it to Parliament as supporting pension - Speech Link

3. Social Security (Up-rating of Benefits) Bill
13/10/2020 - Grand Committee

1: to increase these rates.Since 2011, the Government have used average weekly earnings growth for - Speech Link
2: double lock on the state pension, at a time when I know noble Lords will remember the Government were stumbling - Speech Link
3: those who have not been able to put money into pensions during this interruption. This is the backstop - Speech Link

4. Social Security Benefits Up-rating Order 2019
05/03/2019 - Lords Chamber

1: basic and full rate of the new state pensions by the triple lock; increase the pension credit standard - Speech Link

5. Social Security (Up-rating of Benefits) Bill
01/10/2020 - Commons Chamber

1: for one year only that will ensure that state pensions can still potentially be uprated, despite the - Speech Link
2: encourage that uptake. The changes that the BBC has made in regard to the TV licence has also encouraged - Speech Link

Latest Speeches
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