An assessment of dropping the 2.5% element of the Triple lock on pensions and only uprating the equivalent of the basic state pension's value by the triple lock each year, with the remaining state pension payments uprated by prices, would incur disproportionate cost.

The Office for Budget Responsibility assume long-term annual growth rates for the following economic determinants: Consumer Price Index (2.0%), Average Earnings (3.75%) and ‘Triple Lock’ (4.31%).

Source: OBR Long-term economic determinants - March 2026 Economic and Fiscal Outlook

The Department holds information on individuals' National Insurance contribution records, including qualifying years relevant to State Pension entitlement. DWP has made no assessment of the savings arising from increasing the number of qualifying years required for a full State Pension from 35 to 48.

I refer the Noble Baroness to the answer provided on 1 September in response to Question HL2030, which, for ease of reference, is reproduced below.

Our 10-Year Health Plan is clear that the future National Health Service must be more preventative, more integrated, and deliver more care closer to home, including for people with osteoporosis.

The Plan committed to rolling out Fracture Liaison Services across every part of the country by 2030, and we are clear that everyone at risk of fragility fractures should be able to benefit from high-quality, timely care that supports prevention, early intervention, and effective management. We are pursuing those goals across the whole pathway of fracture prevention, including improving access to diagnosis, supporting the adoption of effective treatments, and encouraging local systems to develop services that identify people at the highest risk of future fractures and intervene early.

Earlier this year, the Government announced £2.6 million of funding for 20 new DEXA bone density scanners across England. Tens of thousands of patients will benefit from faster access to bone scans as a result, helping to ensure that people with bone conditions, such as osteoporosis, get diagnosed earlier. This builds on the first wave of 13 DEXA scanners announced last year. In 2025, over 21,000 extra DEXA scans were delivered in England compared with 2024.

We continue to work closely with NHS England to improve access to fracture prevention services and to explore the best ways of supporting local systems to deliver high-quality care which meets the needs of their populations. The Government has been clear that integrated care boards are best placed to shape services for their localities and we have set expectations, through the Renewed Women’s Health Strategy, that they should prioritise community-based models when commissioning new services.

Progress in this area can be monitored through activity and outcomes reported through the Fracture Liaison Service Database.

The Pensions Ombudsman investigated a complaint determined in January 2015 concerning the conduct of the trustee of the AEA Technology Pension Scheme (reference PO-4816 can be found on The Pension Ombudsman website).

In its role as the Pension Protection Fund (PPF) Ombudsman, The Pensions Ombudsman considered two references of reviewable matters concerning the PPF and AEA Technology. Both cases are in the public domain and can be found on The Pensions Ombudsman website. The first (reference PPFO-2915), in June 2014, and the second (reference CAS-53012-H6M5), in December 2021.

The Parliamentary and Health Service Ombudsman investigated complaints about a factsheet produced by the Department for Work and Pensions in response to enquiries from members of the AEA Technology Pension Scheme.

Actuaries providing information in relation to pension transfers are bound to uphold standards and codes of conduct set out by the Institute and Faculty of Actuaries, the professional body for actuaries, and the Financial Reporting Council, the oversight body for the actuarial profession. Both organisations can investigate complaints against individual actuaries (but not organisations) and have established complaints and disciplinary processes.

Where a pension scheme trustee, sponsoring employer or member believes they have suffered a loss as a result of incomplete actuarial information, redress would normally be sought through the courts under professional negligence or breach of contract.

The actuarial profession is regulated by the Institute and Faculty of Actuaries (IFoA) which is the relevant professional body. It is possible to raise a concern or complaint relating to an individual member of the IFoA directly to the IFoA.

The Actuaries’ Code is the ethical Code of Conduct to which all IFoA members must adhere. Failure by a member to comply with the ethical requirements set out in the Code may lead to disciplinary proceedings under the IFoA’s Disciplinary Scheme.

The Financial Reporting Council (FRC) is the oversight body for the actuarial profession, and this provides a further route for complaints about professional standards and conduct.

Where a pension scheme trustee, sponsoring employer or member believes they have suffered a loss as a result of negligent actuarial advice, redress would normally be sought through the courts under professional negligence or breach of contract.

Bulk purchase annuities are provided by authorised insurers and regulated by the Prudential Regulation Authority. This requires insurers to hold capital and manage risks so that they can meet their long-term obligations to policyholders.

Where a pension scheme secures members’ benefits through an insurance buy-out, responsibility for paying those benefits transfers from the scheme to the insurer. Eligible annuity policyholders are also protected by the Financial Services Compensation Scheme if an authorised insurer fails.

The Financial Services Compensation Scheme (FSCS) funds its compensation costs through levies on the financial services sector and recoveries against firms that have failed. As FSCS levies industry following payment of compensation or securing continuity for policyholders, it has the ability to borrow privately from a £3 billion revolving credit facility to meet short-term funding needs, with any lending repaid through levies. As a last resort, it can also request to borrow from HM Treasury, with any government borrowing also repaid through levies. This means that, even in the event of last-resort public financial support, the financial services sector will fund FSCS’s costs through a levy alongside recoveries.

Under rules set by the Prudential Regulation Authority (PRA), eligible life insurance policyholders – including customers of life annuity and bulk purchase annuity contracts – are 100% protected by the FSCS for any claims against an authorised insurer in the event that it fails. For a life insurance failure, levies would be payable by other life insurance and pensions providers.

The PRA sets the rules for policyholder protection including the FSCS funding of insurance compensation, including long-term insurance such as annuities. In doing so, it has rules in place to ensure FSCS can safely levy the insurance sector and meet its costs. The FSCS also closely monitors and regularly forecasts potential claims and compensation costs to ensure it can meet these within its available financial means. The PRA also conducts stress tests of life insurers, most recently in 2025.

Finally, FSCS also maintains contingency plans for a potential life insurance failure. These plans are subject to independent assurance through FSCS's assurance framework and are designed to support an effective and coordinated response, including engagement with regulators, firms and other stakeholders.

The Financial Services Compensation Scheme (FSCS) funds its compensation costs through levies on the financial services sector and recoveries against firms that have failed. As FSCS levies industry following payment of compensation or securing continuity for policyholders, it has the ability to borrow privately from a £3 billion revolving credit facility to meet short-term funding needs, with any lending repaid through levies. As a last resort, it can also request to borrow from HM Treasury, with any government borrowing also repaid through levies. This means that, even in the event of last-resort public financial support, the financial services sector will fund FSCS’s costs through a levy alongside recoveries.

Under rules set by the Prudential Regulation Authority (PRA), eligible life insurance policyholders – including customers of life annuity and bulk purchase annuity contracts – are 100% protected by the FSCS for any claims against an authorised insurer in the event that it fails. For a life insurance failure, levies would be payable by other life insurance and pensions providers.

The PRA sets the rules for policyholder protection including the FSCS funding of insurance compensation, including long-term insurance such as annuities. In doing so, it has rules in place to ensure FSCS can safely levy the insurance sector and meet its costs. The FSCS also closely monitors and regularly forecasts potential claims and compensation costs to ensure it can meet these within its available financial means. The PRA also conducts stress tests of life insurers, most recently in 2025.

Finally, FSCS also maintains contingency plans for a potential life insurance failure. These plans are subject to independent assurance through FSCS's assurance framework and are designed to support an effective and coordinated response, including engagement with regulators, firms and other stakeholders.

The Financial Services Compensation Scheme (FSCS) funds its compensation costs through levies on the financial services sector and recoveries against firms that have failed. As FSCS levies industry following payment of compensation or securing continuity for policyholders, it has the ability to borrow privately from a £3 billion revolving credit facility to meet short-term funding needs, with any lending repaid through levies. As a last resort, it can also request to borrow from HM Treasury, with any government borrowing also repaid through levies. This means that, even in the event of last-resort public financial support, the financial services sector will fund FSCS’s costs through a levy alongside recoveries.

Under rules set by the Prudential Regulation Authority (PRA), eligible life insurance policyholders – including customers of life annuity and bulk purchase annuity contracts – are 100% protected by the FSCS for any claims against an authorised insurer in the event that it fails. For a life insurance failure, levies would be payable by other life insurance and pensions providers.

The PRA sets the rules for policyholder protection including the FSCS funding of insurance compensation, including long-term insurance such as annuities. In doing so, it has rules in place to ensure FSCS can safely levy the insurance sector and meet its costs. The FSCS also closely monitors and regularly forecasts potential claims and compensation costs to ensure it can meet these within its available financial means. The PRA also conducts stress tests of life insurers, most recently in 2025.

Finally, FSCS also maintains contingency plans for a potential life insurance failure. These plans are subject to independent assurance through FSCS's assurance framework and are designed to support an effective and coordinated response, including engagement with regulators, firms and other stakeholders.

Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions resulting from changes that have been made to pensions tax policy over the last decade, which have led to pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also address inconsistencies in the inheritance tax treatment of different types of pensions.

The Government will continue to incentivise pension savings for their intended purpose of funding retirement, with ongoing tax reliefs on both contributions into pensions and on the growth of funds held within a pension scheme. Pensions continue to benefit from very significant tax benefits, with gross income tax and National Insurance contributions relief costing £78.2 billion in 2023-24.

Estates will continue to benefit from the normal nil-rate bands, reliefs, and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean any transfers, including the payment of death benefits, to a spouse or civil partner are fully exempt from inheritance tax. More than 90 per cent of UK estates will continue to have no inheritance tax liability in 2030-31 following these changes and the reforms will only affect a minority of those with inheritable pension wealth.

The Government is committed to boosting investment in UK companies and regularly considers a broad range of proposals to achieve this.

The Government is focused on supporting an industry-led approach to increasing pension investment in a wider range of assets in order to deliver better outcomes for savers. This includes the Mansion House Accord, a voluntary commitment by major pension providers to increase default defined contribution pension scheme investment in private markets to 10 per cent, including 5 per cent in the UK.

At the Autumn Budget in 2025, the Chancellor announced a reduction in the cash ISA limit to £12,000 for people under the age of 65 to incentivise investment and deliver better returns for savers, to come into effect on 6 April 2027 We also welcomed the launch of the industry-led ‘Invest for the Future’ campaign to promote the benefits of investing to the public, and the industry-led review to reform how firms talk about the risks, and benefits, of investing.

All education must promote peace, tolerance and non-violence. Any incitement to hatred or violence is unacceptable and has no place in the classroom. We have raised this with the Palestinian Authority (PA) and will continue to do so.

The PA is undertaking a multi-year curriculum reform in which textbooks are systematically being updated to align with UNESCO standards. Recent independent analysis has identified credible progress since 2018 in removing material of concern from PA textbooks. We welcome this initial progress, but we recognise that more needs to be done to bring every textbook page for every Grade in line with UNESCO standards.

We have made clear that the Palestinian Authority must fully implement the reforms they have committed to make, including in relation to the school curriculum, and will continue to support them to do so.

Minister for Pensions met with Viscount Thurso on 15 June to discuss AEA Technology as per the commitment made during the passage of the Pensions Schemes Act 2026.

We recognise the very real challenges that AEAT pension scheme members have faced given the insolvency of their employer and their entry into the Pension Protection Fund.

The Pension Schemes Act 2026 provides for annual increases on compensation payments from the Pension Protection Fund that relate to pensions built up before 6 April 1997, where schemes provided for this.

AEA Technology pension scheme members with pre-97 accrual will benefit from this change.

All education must promote peace, tolerance and non-violence. Any incitement to hatred or violence is unacceptable and has no place in the classroom. We have raised this with the Palestinian Authority (PA) and will continue to do so.

The PA is undertaking a multi-year curriculum reform in which textbooks are systematically being updated to align with UNESCO standards. Recent independent analysis has identified credible progress since 2018 in removing material of concern from PA textbooks. We welcome this initial progress, but we recognise that more needs to be done to bring every textbook page for every Grade in line with UNESCO standards.

We have made clear that the Palestinian Authority must fully implement the reforms they have committed to make, including in relation to the school curriculum, and will continue to support them to do so.

My Lords, the Government’s position on these matters remains unchanged from the 2016 guidance, which was amended in 2017. Decisions on boycotts and divestment are matters of UK foreign policy and are for central government, not local authorities. It is not appropriate for local authorities to adopt investment policies that differ from UK government sanctions or foreign policy. Funds’ fiduciary duties are unchanged: they remain responsible for setting high-level investment strategies, the key driver of investment returns.