Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what recent assessment she has made of the impact of inflation on the value of people's pensions.

The Social Security (Up-rating of Benefits) Act 2020 raised the State Pension by 2.5% from April 2021, although CPI was 0.5% and earnings were negative. From April 2022, the state pension increased 3.1% in line with CPI. The full yearly amount of the basic State Pension will be around £720 more in 2022/23 than if it had been up-rated by prices since 2010. That’s a rise of over £2,300 in cash terms. In addition there is widespread support through winter fuel payment, pension credit and other associated benefits. The Chancellor has also put forward on February 3rd 2022 a multi billion pound support package to address costs of living and energy bills.

Legislation requires all occupational defined benefit pension rights earned from April 1997 onwards to be increased annually in payment.