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Pensions Update

07 September 2021

Lead MP

Therese Coffey

Debate Type

Ministerial Statement

Tags

EconomyTaxationBenefits & WelfareParliamentary Procedure
Other Contributors: 14

At a Glance

Therese Coffey raised concerns about pensions update in the House of Commons. A government minister responded. Other MPs also contributed.

How the Debate Unfolded

MPs spoke in turn to share their views and ask questions. Here's what each person said:

Government Statement

EconomyTaxationBenefits & WelfareParliamentary Procedure
Government Statement
With permission, Madam Deputy Speaker, I will make a statement on the annual uprating of state pensions and survivors’ benefits in industrial death benefit. Each year as Secretary of State for Work and Pensions, I undertake a review of certain benefit and pension rates related to earnings levels. This year’s review faces unusual changes due to the pandemic's impact on the economy. Last year, we saw an 8.8% increase in average weekly earnings compared to the same period last year. Confirmed figures will be published next month but expected growth is around 8%. Despite this recovery, I am introducing a £407 billion package of support including furlough and self-employment schemes. For 2022-23 only, I propose an uprating of 2.5% or in line with inflation (expected to be the higher figure) as part of the social security (uprating of benefits) Bill. The earnings link will again be set aside for one year before being restored for the remainder of this Parliament. This measure aims to preserve pensioners' spending power while ensuring fairness, given difficult decisions elsewhere in public spending. Since 2010, full yearly basic state pension has increased by over £2,050 in cash terms and there are now 200,000 fewer pensioners in absolute poverty compared to 2009-10.

Shadow Comment

Jonathan Reynolds
Shadow Comment
I thank the Secretary of State for advance sight of her statement. I believe Governments should keep their manifesto promises, including on the triple lock policy which has made a significant contribution to restoring the value of state pension following the Thatcher Government’s decision in 1980. The proposal breaks the Conservative manifesto promise and is another let-down after the international aid decision. We cannot take the government's word alone; they must show us their analysis, explain why underlying wage growth could not be assessed with furlough impact discounted, and publish legal advice cited as basis for this decision.
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