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1252782

	registered interest
	date	17/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made on the potential effect of the retail prices index (RPI) review on RPI-linked pensions.
	tabling member constituency	Coventry South
	tabling member printed	Zarah Sultana
	uin	116670
	answer	answer is ministerial correction date of answer 23/11/2020 answer text <p>The Retail Prices Index (RPI) is a measure of inflation with a number of shortcomings. To address these shortcomings, the UK Statistics Authority (UKSA) has made a proposal to reform RPI by bringing the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI. Owing to the use of RPI in specific index-linked gilts, prior to 2030 the Chancellor’s consent to this proposal is required before it can be implemented.</p><p> </p><p>At the Budget in March, the government and UKSA launched a consultation to consider whether UKSA’s proposal should be implemented at a date other than 2030, and, if so, when between 2025 and 2030. The consultation closed for responses on 21 August. As part of the consultation, the government sought views on the broader impacts of the proposed reform of RPI.</p><p> </p><p>The consultation document can be found at the following link: <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a>.</p><p> </p><p>As announced on 9 November, the government and UKSA will respond to the consultation alongside the Spending Review on 25 November.</p><p> </p><p>The 9 November announcement can be found at the following link: <a href="https://www.gov.uk/government/publications/a-letter-from-rishi-sunak-to-sir-david-norgrove-on-the-date-of-the-government-and-uk-statistics-authoritys-response-to-their-joint-consultation-on-re" target="_blank">https://www.gov.uk/government/publications/a-letter-from-rishi-sunak-to-sir-david-norgrove-on-the-date-of-the-government-and-uk-statistics-authoritys-response-to-their-joint-consultation-on-re</a>.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/11/2020 15:00:03 answering member 4051 label Biography information for John Glen
	tabling member	4786 label Biography information for Zarah Sultana

1304823

	registered interest
	date	22/03/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of (a) maintaining RPI beyond 2030 and (b) putting in place mitigating measures to ensure that defined benefits pensions are not reduced.
	tabling member constituency	Glenrothes
	tabling member printed	Peter Grant
	uin	173082
	answer	answer is ministerial correction date of answer 25/03/2021 answer text <p>On 25 November 2020, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p> </p><p>The Government and UKSA are mindful of the widespread use of RPI in the economy, and, as such, sought views in the consultation on the broader impacts of reform. The Government and UKSA received approximately 550 responses from members of defined benefit (DB) pension schemes whose benefits are linked to RPI.</p><p> </p><p>It is apparent that some DB pension schemes members will be affected by UKSA’s reform. The effect of reform on the members of such schemes will depend on whether their benefits are linked to RPI under the trust deed and rules of the scheme.</p><p> </p><p>The announcement in the response by the Chancellor and UKSA Chair means that reform will not be implemented before 2030. The Government keeps the occupational pensions system under review and will continue to do so.</p><p> </p><p>For further information please see the consultation response at: <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a>.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/03/2021 07:51:20 answering member 4051 label Biography information for John Glen
	tabling member	4466 label Biography information for Peter Grant

1287524

	registered interest
	date	19/02/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of aligning the retail price index with the consumer prices index on pensions for (a) women and (b) people on defined benefit pension schemes.
	tabling member constituency	North Ayrshire and Arran
	tabling member printed	Patricia Gibson
	uin	155157
	answer	answer is ministerial correction date of answer 24/02/2021 answer text <p>On 25 November 2020, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p> </p><p>The Government and UKSA are mindful of the widespread use of RPI in the economy, and, as such, sought views in the consultation on the broader impacts of reform. The Government and UKSA received approximately 550 responses from members of defined benefit (DB) pension schemes whose benefits are linked to RPI.</p><p> </p><p>It is apparent that some DB pension scheme members will be affected by UKSA’s reform. The effect of reform on the members of such schemes will depend on whether their benefits are linked to RPI under the trust deed and rules of the scheme. As noted in the consultation response document, the Pensions Policy Institute (PPI) estimates that the average reduction in lifetime income from an individual’s RPI-linked pension post-retirement could be 4 per cent for a woman and 5 per cent for a man. However, the PPI estimates that women will generally experience a greater lifetime reduction in overall pension benefit, as they live longer than men on average.</p><p> </p><p>The announcement in the response by the Chancellor and UKSA Chair means that reform will not be implemented before 2030. The Government keeps the occupational pensions system under review and will continue to do so.</p><p> </p><p>In making its decision (with regard to the timing of reform) the Government has had due regard to and complied with the requirements of the Public Sector Equality Duty as laid out in the Equality Act 2010</p><p> </p><p>For further information please see the consultation response at: <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a>.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/02/2021 14:22:58 answering member 4051 label Biography information for John Glen
	tabling member	4435 label Biography information for Patricia Gibson

1258670

	registered interest
	date	07/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the outcome of the consultation on the Reform to Retail Prices Index (RPI), published on 25 November 2020. what steps the Government plans to take to (a) protect the lifetime value of people’s defined benefit pension savings which are RPI-linked from 2030 and (b) maintain confidence in defined benefit pension schemes.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	126013
	answer	answer is ministerial correction date of answer 10/12/2020 answer text <p>On 25 November, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p> </p><p>The Government and UKSA are mindful of the widespread use of RPI in the economy, and, as such, sought views in the consultation on the broader impacts of reform. The Government and UKSA received approximately 550 responses from members of defined benefit (DB) pension schemes whose benefits are linked to RPI.</p><p> </p><p>It is apparent that some DB pension schemes members will be affected by UKSA’s reform. The effect of reform on the members of such schemes will depend on whether their benefits are linked to RPI under the trust deed and rules of the scheme.</p><p> </p><p>The announcement in the response by the Chancellor and UKSA Chair means that reform will not be implemented before 2030. The Government keeps the occupational pensions system under review and will continue to do so.</p><p> </p><p>For further information please see the consultation response at: <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a>.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/12/2020 13:22:00 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1243967

	registered interest
	date	15/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has undertaken of the effect that changing the calculation formula for Retail Price Index will have on private pension income.
	tabling member constituency	Carmarthen East and Dinefwr
	tabling member printed	Jonathan Edwards
	uin	104084
	answer	answer is ministerial correction date of answer 20/10/2020 answer text <p>The Retail Prices Index (RPI) is a measure of inflation with a number of shortcomings. To address these shortcomings, the UK Statistics Authority (UKSA) has made a proposal to reform RPI by bringing the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI. Owing to the use of RPI in specific index-linked gilts, prior to 2030 the Chancellor’s consent to this proposal is required before it can be implemented.</p><p>At the Budget in March, the government and UKSA launched a consultation to consider whether UKSA’s proposal should be implemented at a date other than 2030, and, if so, when between 2025 and 2030. The consultation closed for responses on 21 August. As part of the consultation, the government has sought views on the broader impacts of the proposed reform of RPI.</p><p>The government and UKSA will respond to the consultation in the autumn.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/10/2020 09:22:47 answering member 4051 label Biography information for John Glen
	tabling member	3943 label Biography information for Jonathan Edwards

1255509

	registered interest
	date	25/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of the proposed changes to the formula for calculating the Retail Price Index, set out in his Department's response to the Consultation on the Reform of RPI Methodology, on the remuneration of members of defined benefits pension schemes.
	tabling member constituency	Carmarthen East and Dinefwr
	tabling member printed	Jonathan Edwards
	uin	120841
	answer	answer is ministerial correction date of answer 30/11/2020 answer text <p>On 25 November, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p>The Government and UKSA are mindful of the widespread use of RPI in the economy, and, as such, sought views in the consultation on the broader impacts of reform. The Government and UKSA received approximately 550 responses from members of defined benefit (DB) pension schemes whose benefits are linked to RPI.</p><p>It is apparent that some DB pension scheme members will be affected by UKSA’s reform of RPI. The effect of reform on the members of such schemes will depend on whether their benefits are linked to RPI under the trust deed and rules of the scheme.</p><p>The announcement in the response by the Chancellor and Authority Chair means that reform will not be implemented before 2030. The Government keeps the occupational pensions system under review and will continue to do so.</p><p>For further information please see the consultation response at: https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/11/2020 13:56:15 answering member 4051 label Biography information for John Glen
	tabling member	3943 label Biography information for Jonathan Edwards

1256823

	registered interest
	date	30/11/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that people entering into new index-linked deals are made aware of the proposed changes to the formula for calculating the Retail Price Index, set out in his Department's response to the Consultation on the Reform of RPI Methodology.
	tabling member constituency	Carmarthen East and Dinefwr
	tabling member printed	Jonathan Edwards
	uin	122662
	answer	answer is ministerial correction date of answer 03/12/2020 answer text <p>On 25 November, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p> </p><p>The Government and UKSA engaged directly with a number of users and stakeholders to discuss the consultation. The consultation response document has been published and is available on the Government and UKSA’s websites, as below:</p><p>- <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a></p><p>- <a href="https://uksa.statisticsauthority.gov.uk/news/response-to-the-joint-consultation-on-reforming-the-methodology-of-the-retail-prices-index/" target="_blank">https://uksa.statisticsauthority.gov.uk/news/response-to-the-joint-consultation-on-reforming-the-methodology-of-the-retail-prices-index/</a></p><p> </p><p>Under legislation, how RPI is changed is a matter for UKSA alone. This reflects the important principle established in the Act that UKSA’s judgement on statistics should be independent of Government. After expert advice from the National Statistician and following public consultation, UKSA intends to address the shortcomings in RPI by bringing in the methods and data sources of CPIH. This intended approach was made public in September 2019. Following consultation, UKSA confirmed publicly that the change proposed can legally and practically be made by UKSA in February 2030. It is the role of UKSA – as set out in legislation - to promote and safeguard official statistics.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/12/2020 15:24:16 answering member 4051 label Biography information for John Glen
	tabling member	3943 label Biography information for Jonathan Edwards

1287928

	registered interest
	date	22/02/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential effect on defined benefit pension schemes of interest rate reforms to move from RPI to CPIH.
	tabling member constituency	Romford
	tabling member printed	Andrew Rosindell
	uin	156279
	answer	answer is ministerial correction date of answer 01/03/2021 answer text <p>On 25 November 2020, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p> </p><p>The Government and UKSA are mindful of the widespread use of RPI in the economy, and, as such, sought views in the consultation on the broader impacts of reform. The Government and UKSA received approximately 550 responses from members of defined benefit (DB) pension schemes whose benefits are linked to RPI.</p><p> </p><p>It is apparent that some DB pension schemes members will be affected by UKSA’s reform. The effect of reform on the members of such schemes will depend on whether their benefits are linked to RPI under the trust deed and rules of the scheme.</p><p> </p><p>The announcement in the response by the Chancellor and UKSA Chair means that reform will not be implemented before 2030. The Government keeps the occupational pensions system under review and will continue to do so.</p><p> </p><p>For further information please see the consultation response at: <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a>.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/03/2021 11:03:21 answering member 4051 label Biography information for John Glen
	tabling member	1447 label Biography information for Andrew Rosindell