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Proceeding contribution from Gregg McClymont (Labour) in the House of Commons on Thursday, 1 March 2012. It occurred during Backbench debate and e-petition debate on CPI/RPI Pensions Uprating.


CPI/RPI Pensions Uprating

The hon. Lady's desire to write the Labour party manifesto three years before a likely general election is admirable, but I cannot advance on the answer I gave to the hon. Member for Gloucester. Whether CPI is an accurate measure of inflation is an issue—the hon. Lady made important points on heating and housing—but in the few minutes remaining, I want to raise some broader questions. We can talk about CPI or RPI pensions uprating in isolation. The uprating of the state pension using CPI, which happened for the first time this year, is one thing, but as was indicated in the debate, the flat-rate, single-tier state pension, to which the Minister is committed, is important to the debate, as is the future of NEST. I do not want to misquote the hon. Member for West Worcestershire, but I believe she said that she was looking forward in the Queen's Speech to legislation on a single-tier, flat-rate state pension. The Opposition are hopeful that the Minister can move in that direction quickly. I wonder whether the Treasury has a significant role in that. Perhaps negotiations must continue before we can get there. The Opposition will be keen to consider very closely such proposals when they come to the House. NEST, which has been mentioned throughout the debate, has a huge role to play in moving towards a more sustainable pension system. The Opposition are disappointed at the delay in the staging dates for the move to auto-enrolment. It is not just a question of the companies: contributions from both the Treasury and employers will be lost for those saving into a pension for the first time. Finally, the hon. Member for Aberconwy emphasised the private pension system. Both he and the hon. Member for West Worcestershire suggested that all the difficulties in the private pensions world have arrived since 1997.


Secondary information

Type
Proceeding contribution
Reference
541 c483-4 
Session
2010-12
Chamber / Committee
House of Commons chamber
Subjects
Civil service Judgements Local government NHS Police Workplace pensions Public sector Teachers Uprating Retail prices index Consumer prices index
Link
View this Proceeding contribution on www.publications.parliament.uk