State Retirement Pensions

Department for Work and Pensions written question – answered on 7th June 2022.

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Photo of Baroness McIntosh of Pickering Baroness McIntosh of Pickering Conservative

To ask Her Majesty's Government what consideration they have given to reviewing the rate of inflation figure used for state pensions.

Photo of Baroness Stedman-Scott Baroness Stedman-Scott The Parliamentary Under-Secretary of State for Work and Pensions, Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)

The Department for Work and Pensions is required by law to undertake an annual review of benefits and pensions. CPI in the year to September is the latest figure that the Department for Work and Pensions can use to allow sufficient time for the required operational changes before new rates can be introduced at the start of the new financial year.

All benefit up-rating since April 1987 has been based on the increase in the relevant price inflation index in the 12 months to the previous September.

The Department for Work and Pensions decisions regarding benefits/pensions for 2022/23 were announced to Parliament on 25 November 2021 and the increase of 3.1 per cent from April 2022 was agreed by both Houses of Parliament.

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