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Proceeding contribution from Stephen Timms (Labour) in the House of Commons on Thursday, 23 February 2012. It occurred during Debates on delegated legislation on Pensions and Social Security.


Pensions and Social Security

I thank the hon. Lady for her generous remark. There is some merit in having an earnings underpin to the system, but I say again that, for the year ahead, RPI would give a higher increase than the triple lock has delivered. That was the case last year as well, which is why the Government set the triple lock aside in the first year it was supposed to be in place. This year, the difference is much smaller, at 0.4%, and the Government must be hoping that people will not notice that the triple lock is delivering less than an RPI uprating would have done. However, in principle, having an earnings underpin as well is entirely helpful.


Secondary information

Type
Proceeding contribution
Reference
540 c1051 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Benefits rules Index linking Workplace pensions Pensions Social security benefits State retirement pensions Reform Uprating
Legislation
Social Security Benefits Up-rating Order 2012
Guaranteed Minimum Pensions Increase Order 2012
Pensions Act 2008 (Abolition of Protected Rights) (Consequential Amendments) (No. 2) (Amendment) Order 2012
Link
View this Proceeding contribution on www.publications.parliament.uk