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registered interest false remove filter
date less than 2017-07-03more like thismore than 2017-07-03
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text Her Majesty's Government what estimate they have made of the cost saving, in long-term expenditure on State Pensions, from changing the current triple lock into a double lock using the best of earnings or CPI inflation, from 2020 onwards. more like this
tabling member printed
Baroness Altmann more like this
uin HL324 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-07-11more like thismore than 2017-07-11
answer text <p><br>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.</p><p> </p><p>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:</p><p>(1) 0.03% of GDP in 2029/30;</p><p>(2) 0.08% of GDP in 2039/40;</p><p>(3) 0.13% of GDP in 2049/50;</p><p> </p><p>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.</p>
answering member printed Baroness Buscombe more like this
grouped question UIN HL325 more like this
question first answered
less than 2017-07-11T15:41:13.39Zmore like thismore than 2017-07-11T15:41:13.39Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
4533
label Biography information for Baroness Altmann more like this