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The Pensions (Increase) Bill

20 September 2021

Lead MP

Therese Coffey

Debate Type

Bill Debate

Tags

Benefits & Welfare
Other Contributors: 28

At a Glance

Therese Coffey raised concerns about the pensions (increase) bill 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:

Lead Contributor

Opened the debate
The Secretary of State for Work and Pensions moves the Second Reading of the Pensions (Increase) Bill, which proposes a review of social security rates to ensure they keep pace with inflation or earnings. The Bill specifically addresses the direct link between certain benefits and earnings, including the basic state pension, new state pension, standard minimum guarantee in pension credit, and survivors’ benefits in industrial death benefit. She emphasises that the bill does not extend to other benefits like universal credit which are linked to prices instead of earnings. Due to an unprecedented fall in average earnings caused by the covid restrictions last year, a change was made to set aside the earnings link for one year. Now, with the economy reopening and witnessing a surge in the labour market, there is a statistical anomaly with an 8.3% increase in earnings. The Bill seeks Parliament's agreement to again set aside the earnings link for just one more year, applying the higher of inflation or 2.5%. This approach has been recommended by Sir Steve Webb, the former Liberal Democrat Pensions Minister.

Government Response

Benefits & Welfare
Government Response
The Secretary of State for Work and Pensions moves, That the Bill be now read a Second time. She emphasises that this Government are committed to ensuring that older people can enjoy their retirement with security, dignity and respect. Since 2010, the full yearly basic state pension has increased by more than £2,050 in cash terms. There are now 200,000 fewer pensioners in absolute poverty compared to 2009-10. She is proud of the Government's record on support for pensioners and their action last year to ensure that pensioners' incomes continue to increase. The Bill will ensure that a temporary statistical anomaly in wages does not unfairly track across into pensions, while also preserving the spending power of pensioners and protecting them from increases in the cost of living.
Assessment & feedback
Summary accuracy

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