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<p /> <p /> <p>Carers’ and disability benefits, and the additional State pension,
must by statute be up-rated in line with prices. So the increase in those benefits
over the last three years has reflected the increase in the Consumer Price Index.</p><p>The
basic State pension has been increased with the triple lock (by the highest of average
earnings, CPI or 2.5%), and the Standard Minimum Guarantee in Pension Credit has been
up-rated in line with the cash increase in the basic State pension. In each of the
last three years, this means that the Standard Minimum Guarantee has increased by
more than the minimum requirement of the increase in average earnings. The resulting
over-indexation of the Standard Minimum Guarantee has been funded through an increase
in the savings credit threshold and the associated reduction in the Savings Credit
maximum.</p><p>The table indicates the percentage increases in CPI; basic State Pension;
average earnings; and the Standard Minimum Guarantee in each of the past three years.</p><table><tbody><tr><td><p>
</p></td><td><p>2012/13</p></td><td><p>2013/14</p></td><td><p>2014/15</p></td></tr><tr><td><p>CPI</p></td><td><p>5.2%</p></td><td><p>2.2%</p></td><td><p>2.7%</p></td></tr><tr><td><p>Basic
State pension</p></td><td><p>5.2%</p></td><td><p>2.5%</p></td><td><p>2.7%</p></td></tr><tr><td><p>Average
earnings</p></td><td><p>2.8%</p></td><td><p>1.6%</p></td><td><p>1.2%</p></td></tr><tr><td><p>Pension
Credit Standard Minimum Guarantee</p></td><td><p>3.9%</p></td><td><p>1.9%</p></td><td><p>2.0%</p></td></tr></tbody></table><p><strong>
</strong></p><p> </p>
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