Pensions: Inflation

Treasury written question – answered on 20th June 2022.

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Photo of Janet Daby Janet Daby Labour, Lewisham East

To ask the Chancellor of the Exchequer, whether he plans to introduce any additional measures aimed at helping pensioners to deal with inflationary pressures.

Photo of Simon Clarke Simon Clarke The Chief Secretary to the Treasury

The Government is providing £37 billion in cost of living support this year, including £15 billion in a new support package announced in late May. This includes extra support to help all pensioners stay warm this winter.

Households eligible for the Winter Fuel Payment will receive an extra one-off payment of £300, paid in November/December alongside the existing Winter Fuel Payment. Pensioners, as all domestic electricity customers, will see £400 off their bills from October with no need to repay, through the expansion of the Energy Bills Support Scheme. In addition, households in receipt of Pension Credit will receive a one-off payment of £650 in two lump sums, the first from July and the second in the autumn.

Further support for pensioners can be provided by local authorities through the Household Support Fund, which will be in place until April 2023.

Next year, the Triple Lock will apply for the State Pension. Subject to the Secretary of State’s review, pensions and other benefits will be uprated by this September’s CPI which, on current forecasts, is likely to be significantly higher than the forecast inflation rate for 2023/24.

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