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State Retirement Pensions: Uprating

Answer

The table below provides the estimated cost to the Exchequer for each of the next 20 years of increasing state pensions by the best of price or earnings inflation (‘double lock’) in place of a triple lock.

The figures assume that the change in uprating happens from 2023/24. They are based on analysis done in 2018, so they do not take into account any impacts of covid-19.

	Expenditure Prices (£billion) as a percentage of GDP
Financial Year	Double Lock	Triple Lock
2020/21	4.6	4.6
2021/22	4.7	4.7
2022/23	4.7	4.7
2023/24	4.7	4.7
2024/25	4.8	4.8
2025/26	4.9	4.9
2026/27	4.9	4.9
2027/28	4.7	4.8
2028/29	4.8	4.8
2029/30	4.9	4.9
2030/31	5.0	5.0
2031/32	5.1	5.2
2032/33	5.2	5.3
2033/34	5.3	5.4
2034/35	5.4	5.5
2035/36	5.5	5.6
2036/37	5.6	5.7
2037/38	5.6	5.7
2038/39	5.6	5.7
2039/40	5.7	5.7
2040/41	5.7	5.8

Source: DWP modelling. The figures include the cost of the State Pension. They do not include the cost of Pension Credit or other pensioner benefits.

Secondary information

Type

Written question

Reference

HL4643

Session

2019-21

Subjects

Expenditure State retirement pensions Uprating

Contains statistics

Yes

Link

View this Written question on www.parliament.uk