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Every year the Minister comes to the House and declares to what is supposed to be a grateful nation that the wisdom and generosity of the Government is reflected in the uprating of pensions and benefits. Sadly, the reality is rather different. The Minister said at the end of his...
Every year the Minister comes to the House and declares to what is supposed to be a grateful nation that the wisdom and generosity of the Government is reflected in the uprating of pensions and benefits. Sadly, the reality is rather different. The Minister said at the end of his...
To ask the Chancellor of the Exchequer what recent assessment he has made of the cost to the public purse of continuing the triple lock policy of uprating the basic state pension for each financial year between 2015 and 2020.
To ask the Chancellor of the Exchequer what recent assessment he has made of the cost to the public purse of continuing the triple lock policy of uprating the basic state pension for each financial year between 2015 and 2020.
[holding answer 23 January 2014]: As a result of the triple lock commitment; the basic state pension now represents a higher share of average earnings than at any time over the last 20 years. Thanks to the triple lock the rate of the basic state pension will be around £440 a year higher from next April, than it would have been if uprated in line with average earnings since 2011-12. By the end of this year, the Government will have spent £5.9 billion in total on the triple lock.
The cost of the triple lock is included in OBR forecasts. The triple lock provides reassurance and certainty for pensioners and delivers dignity in old age.
The Minister is well aware that earnings have been in decline, so setting out the Government’s approach as some sort of virtue is a bit like the argument that was made when he had to override the triple lock on its first day because it would have produced so little....
The Minister is well aware that earnings have been in decline, so setting out the Government’s approach as some sort of virtue is a bit like the argument that was made when he had to override the triple lock on its first day because it would have produced so little....
Let us be very clear that pension credit has been uprated by less than the basic state pension. That is a judgment the Minister can make, but let us be clear about what it means for the poorest pensioners: they are not getting the same increase as other pensioners. That...
Let us be very clear that pension credit has been uprated by less than the basic state pension. That is a judgment the Minister can make, but let us be clear about what it means for the poorest pensioners: they are not getting the same increase as other pensioners. That...
The Minister is an intelligent man, and my point is a simple one: an increase of 2% is less than an increase of 2.7%. I think that we can all agree on that.
The Minister is an intelligent man, and my point is a simple one: an increase of 2% is less than an increase of 2.7%. I think that we can all agree on that.
Will the Minister give way?
Will the Minister give way?
I have a simple question for the Minister: is it or is it not the case that pension credit took 1.3 million pensioners out of poverty?
I have a simple question for the Minister: is it or is it not the case that pension credit took 1.3 million pensioners out of poverty?
Let me reframe my question. Does the Minister agree that 1.3 million pensioners were taken out of poverty during the time of the previous Labour Government?
Let me reframe my question. Does the Minister agree that 1.3 million pensioners were taken out of poverty during the time of the previous Labour Government?
Will the Minister give way?
Will the Minister give way?
The Minister appears to get tense under questioning and uses the words “complete nonsense”. Is he really standing at the Dispatch Box and saying that pension credit did not make a significant difference to pensioner poverty in the UK?
The Minister appears to get tense under questioning and uses the words “complete nonsense”. Is he really standing at the Dispatch Box and saying that pension credit did not make a significant difference to pensioner poverty in the UK?
I do not intend to detain the House for too long. I begin by thanking my hon. Friend the Member for North Ayrshire and Arran (Katy Clark) for a powerful speech. The final point that she made is an important one, and it is worth the House reflecting on it,...
I do not intend to detain the House for too long. I begin by thanking my hon. Friend the Member for North Ayrshire and Arran (Katy Clark) for a powerful speech. The final point that she made is an important one, and it is worth the House reflecting on it,...
I am pleased that the hon. Gentleman made that point, because to some degree it illuminates the difference between him and Labour, because what he discounts entirely by asking that question is the impact of pension credit. I do not know how aware he is of pension credit, but it...
I am pleased that the hon. Gentleman made that point, because to some degree it illuminates the difference between him and Labour, because what he discounts entirely by asking that question is the impact of pension credit. I do not know how aware he is of pension credit, but it...
I will give way to the hon. Gentleman again, but I hope he will recognise that achievement.
I will give way to the hon. Gentleman again, but I hope he will recognise that achievement.
I am afraid to say to the hon. Gentleman that, although I understand where he is coming from, it is not the case that everyone will receive the single-tier pension; people must have made contributions for 35 years. He should speak to his colleague, the Minister, who everyone recognises is...
I am afraid to say to the hon. Gentleman that, although I understand where he is coming from, it is not the case that everyone will receive the single-tier pension; people must have made contributions for 35 years. He should speak to his colleague, the Minister, who everyone recognises is...
My hon. Friend makes an important point. The level at which the Minister appears set to place the new flat-rate state pension is just above pension credit. It is that framework, which was set for the poorest pensioners to ensure they would no longer live in poverty, that is so...
My hon. Friend makes an important point. The level at which the Minister appears set to place the new flat-rate state pension is just above pension credit. It is that framework, which was set for the poorest pensioners to ensure they would no longer live in poverty, that is so...
My hon. Friend is widely acknowledged as an expert in this area, and questions arise when pension credit is not uprated by the same percentage as the basic state pension. As I said, I start to get worried when I hear the phrase “over-indexation” because the Minister is actually saying,...
My hon. Friend is widely acknowledged as an expert in this area, and questions arise when pension credit is not uprated by the same percentage as the basic state pension. As I said, I start to get worried when I hear the phrase “over-indexation” because the Minister is actually saying,...
To ask the Secretary of State for Work and Pensions whether he has plans to alter the indexation used to uprate pensions credit.
To ask the Secretary of State for Work and Pensions whether he has plans to alter the indexation used to uprate pensions credit.
There is a statutory requirement to increase the standard minimum guarantee element of pension credit at least in line with the growth in average earnings, and there are no plans to change this.
The hon. Gentleman has enticed me from my sedentary position. Can he confirm what his colleague the pensions Minister, the hon. Member for Thornbury and Yate (Steve Webb), said in the Financial Times this morning—that the triple lock is guaranteed only for the lifetime of this Parliament and that neither...
The hon. Gentleman has enticed me from my sedentary position. Can he confirm what his colleague the pensions Minister, the hon. Member for Thornbury and Yate (Steve Webb), said in the Financial Times this morning—that the triple lock is guaranteed only for the lifetime of this Parliament and that neither...
rose—
rose—
I thank the hon. Gentleman. I note that he did not clarify whether the pensions Minister had indeed said in the Financial Times this morning that neither party is committed to the triple lock beyond 2015.
Let me take the hon. Gentleman up on a specific point. He is a reasonable...
I thank the hon. Gentleman. I note that he did not clarify whether the pensions Minister had indeed said in the Financial Times this morning that neither party is committed to the triple lock beyond 2015.
Let me take the hon. Gentleman up on a specific point. He is a reasonable...