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date	2017-07-03
answering body	Department for Work and Pensions
date tabled	2017-07-03
question text	Her Majesty%27s Government what is their estimate of the cost saving over %281%29 10 years%2C %282%29 20 years%2C and %283%29 30 years%2C of changing the current triple lock on State Pensions into a double lock consisting of the best of earnings or CPI inflation%2C from 2020 onwards.

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tabling member printed

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answering member printed

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747351

registered interest

date

03/07/2017

answering body

Department for Work and Pensions

answering dept id

answering dept short name

Work and Pensions

answering dept sort name

Work and Pensions

house id

legislature

25277

pref label	House of Lords

question text

Her Majesty's Government what is their estimate of the cost saving over (1) 10 years, (2) 20 years, and (3) 30 years, of changing the current triple lock on State Pensions into a double lock consisting of the best of earnings or CPI inflation, from 2020 onwards.

tabling member printed

Baroness Altmann

uin

HL325

answer

is ministerial correction

date of answer

11/07/2017

answer text

The Government is committed to ensuring economic security for people at every stage of their life, including when they reach retirement. The Government is also clear that fairness between the generations must be maintained. We are committed to the Triple Lock for the remainder of this Parliament. Economic forecasts suggest that State Pensions will go up by at least 2.5% each year for the length of this Parliament and so maintaining the Triple Lock for this Parliament will cost no extra money. It is estimated that uprating the State Pension by a double lock (highest of earnings or inflation) from April 2020 would reduce State Pension expenditure by the following compared to the Triple Lock:(1) 0.03% of GDP in 2029/30;(2) 0.08% of GDP in 2039/40;(3) 0.13% of GDP in 2049/50; It is estimated that in 2066/67, uprating by a double lock would reduce State Pension expenditure by around 0.2% of GDP compared to uprating by the Triple Lock.

answering member printed

Baroness Buscombe

grouped question UIN

HL324

question first answered

11/07/2017 15:41:13

answering member

3349

label	Biography information for Baroness Buscombe

tabling member

4533

label	Biography information for Baroness Altmann