1-8 of 8 results for subject:Uprating
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To ask His Majesty's Government what assessment they have made, if any, of the change in value of the full basic state pension weekly payment in 2023–24 if it had been linked only to consumer price index inflation since 2010.
To ask His Majesty's Government what assessment they have made, if any, of the change in value of the full basic state pension weekly payment in 2023–24 if it had been linked only to consumer price index inflation since 2010.
The full weekly amount of basic State Pension would have been worth £139.10 in 2023-24 if it had been uprated by inflation (CPI) since 2010.
To ask His Majesty's Government what the value of the full Basic State Pension weekly payment in 2023–24 would be if the pension had been tied only to average earnings since 2010, rather than the triple lock.
To ask His Majesty's Government what the value of the full Basic State Pension weekly payment in 2023–24 would be if the pension had been tied only to average earnings since 2010, rather than the triple lock.
The full weekly amount of Basic State Pension would have been worth £138.05 in 2023-24 if it had been uprated by earnings, rather than the Triple Lock.
To ask Her Majesty's Government what estimate they have made of the cost to the Exchequer for each of the next 20 years of increasing state pensions by the best of price or earnings inflation in place of a triple lock.
To ask Her Majesty's Government what estimate they have made of the cost to the Exchequer for each of the next 20 years of increasing state pensions by the best of price or earnings inflation in place of a triple lock.
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.
To ask Her Majesty's Government what estimate they have made, if any, of the costs of uprating the Pension Credit by the triple lock over the next 20 years, instead of uprating by earnings.
To ask Her Majesty's Government what estimate they have made, if any, of the costs of uprating the Pension Credit by the triple lock over the next 20 years, instead of uprating by earnings.
No estimate has been made on the cost of uprating the Pension Credit by the triple lock over the next 20 years, instead of uprating by earnings.
To ask Her Majesty's Government what is was the value of Pension Credit in each year since it was introduced from 2010–11; and what is their estimate of what that value would be from April 2018 if Pension Credit had been increased by the triple lock which has applied to...
To ask Her Majesty's Government what is was the value of Pension Credit in each year since it was introduced from 2010–11; and what is their estimate of what that value would be from April 2018 if Pension Credit had been increased by the triple lock which has applied to...
Pension Credit was introduced in October 2003 and has a number of elements, including additional amounts for severe disability for example.
Table 1 below shows the value of the Pension Credit Standard Minimum Guarantee (PC SMG) for single claimants in weekly terms, between 2010/11 and 2017/18.
Table 1: Pension Credit Standard Minimum Guarantee for single claimants, 2010/11 to 2017/18
Year | Rate |
2010/11 | £132.60 |
2011/12 | £137.35 |
2012/13 | £142.70 |
2013/14 | £145.40 |
2014/15 | £148.35 |
2015/16 | £151.20 |
2016/17 | £155.60 |
2017/18 | £159.35 |
In 2018/19, the PC SMG will be £163.00 per week for single claimants. It is estimated that, if from 2010/11 the PC SMG had been uprated in the same way that the basic State Pension was uprated; then the PC SMG for single claimants would be £171.20 per week in 2018/19.
Her Majesty's Government what estimate they have made of the cost of introducing a double lock on Pension Credit uprating from 2018–19 onwards, uprating pensions by the highest of the consumer price index or earnings inflation, (1) over the course of this Parliament, (2) over the next 10 years, and...
Her Majesty's Government what estimate they have made of the cost of introducing a double lock on Pension Credit uprating from 2018–19 onwards, uprating pensions by the highest of the consumer price index or earnings inflation, (1) over the course of this Parliament, (2) over the next 10 years, and...
No estimate of the cost of introducing a double lock on Pension Credit uprating has been made. The legislative requirement is that the standard minimum guarantee in Pension Credit should increase at least in line with earnings.
Lords motions to consider. Agreed to on question.
Lords motions to consider. Agreed to on question.
Lords motion to consider. Agreed to on question.
Lords motion to consider. Agreed to on question.