Asked by: Damien Moore (Conservative - Southport)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential implications of the state pension rise from April 2024 for the sustainability of pension funding.
Answered by Paul Maynard - Parliamentary Under-Secretary (Department for Work and Pensions)
The new State Pension was introduced in April 2016 with the aim of providing a clearer, sustainable foundation for State Pensions for decades to come.
Each year, the Government Actuary’s Department publishes a report showing the impact of uprating decisions on the National insurance Fund. The most recent report in January this year took into account the 8.5% increase in the basic and new State Pensions which will come into force from 8 April. The assessment was that the Fund would have enough money to self-finance for at least the next five years. HM Treasury has the ability to top up the National Fund from the Consolidated Fund when needed, even if receipts do not match expenditure. The report said that a Treasury Grant would not be needed in the next five years.
Mar. 18 2024
Source Page: Letter dated 14/03/2024 from Viscount Younger of Leckie to Baroness Sherlock regarding the Draft Social Security Benefits Up-rating Order 2024 debate: questions on deferral and up-rating, and child poverty statistics. 2p.Found: House of Lords London SW1A 0PW Parliamentary -Under - Secretary of State for Work and Pensions
Mentions:
1: Kevin Hollinrake (Con - Thirsk and Malton) number to be.We estimate that three million workers will receive a direct pay rise as a result of this uprating - Speech Link
2: Chris Stephens (SNP - Glasgow South West) Member for New Forest West, who sits on the Work and Pensions Committee, to have a look at that, because - Speech Link
Mentions:
1: Deidre Brock (SNP - Edinburgh North and Leith) British Pensioners recently, and I fear that another scandal is about to break in the form of frozen pensions - Speech Link
2: Penny Mordaunt (Con - Portsmouth North) Health and Social Care, but some of the issues she raises will fall to the Department for Work and Pensions - Speech Link
3: Andrew Rosindell (Con - Romford) will know that I welcome the support the Government have given to pensioners, with an 8.5% increase in pensions - Speech Link
4: Penny Mordaunt (Con - Portsmouth North) The triple lock and uprating of the state pension by 8.5% from April this year will protect pensioner - Speech Link
5: Penny Mordaunt (Con - Portsmouth North) I will make sure that the Department for Work and Pensions has heard the hon. Lady’s concerns. - Speech Link
Report Mar. 14 2024
Committee: Social Justice and Social Security CommitteeFound: Policy Note states that a 6.7% increase is also applied to other benefits not subject to the mandatory uprating
Mar. 13 2024
Source Page: Letter dated 07/03/2024 from Viscount Younger of Leckie to Lords regarding clarification to points made during his closing remarks in the debate on the Pneumoconiosis etc. (Workers’ Compensation) (Payment of Claims) (Amendment) Regulations 2024, the Pneumoconiosis etc. (Workers’ Compensation) (Specified Diseases and Prescribed Occupations) (Amendment) Regulations 2024 and the Mesothelioma Lump Sum Payments (Conditions and Amounts) (Amendment) Regulations 2024. 4p.Found: Minister for Work and Pensions (Lords) 4th Floor , Caxton House Tothill Street LONDON SW1H
Mentions:
1: David Simmonds (Con - Ruislip, Northwood and Pinner) significant.The steps made through such measures as the removal of a lifetime limit on pension saving and the uprating - Speech Link
2: Robin Millar (Con - Aberconwy) Health and pensions will receive £176.2 billion and £124.3 billion respectively this year. - Speech Link
3: Steve Double (Con - St Austell and Newquay) Pensioners rightly had a 10% rise in their pensions last year. - Speech Link
4: Nigel Huddleston (Con - Mid Worcestershire) We have announced increasing funding to the NHS and we are uprating state pensions by 8.5% this year, - Speech Link
Mentions:
1: Laura Trott (Con - Sevenoaks) As a former Pensions Minister, I know the impact that such modernisation has had on the state pension - Speech Link
2: Darren Jones (Lab - Bristol North West) Friend, the Chairman of the Work and Pensions Committee, for raising that important and, I might say, - Speech Link
3: Angus Brendan MacNeil (Ind - Na h-Eileanan an Iar) Is it not a fact that Department for Work and Pensions policies that keep families in poverty, including - Speech Link
4: Maggie Throup (Con - Erewash) triple lock means that the state pension will be uprated by 8.5% from April, building on the 10.1% uprating - Speech Link
5: Yvonne Fovargue (Lab - Makerfield) The Department for Work and Pensions looks after deductions from universal credit, and rent arrears are - Speech Link
Found: U niversal Credit is administered by the Depar tment for Work and Pensions (DWP) in Great Britain
Written Evidence Mar. 11 2024
Committee: Public Accounts CommitteeFound: Citizens Advice and other stakeholders have engaged extensively with the Department for Work and Pensions