To ask Her Majesty's Government what plans they have to take the Consumer Price Index into account when calculating the state pension for 2022–23.
22 September 2021
The Government has introduced the Social Security (Up-rating of Benefits) Bill which will enable State Pensions (the basic State Pension, the new State Pension and Pension Credit) to be uprated for 2022/23 only by at least the higher of the increase in prices or 2.5%.
Decisions on up-rating for all pensions and benefit rates are made in the Autumn as part of the up-rating review by the Secretary of State for Work and Pensions and announced ahead of the up-rating of benefits in April 2022. The conventional measure of price increases used for up-rating is September to September Consumer Price Index, this is released in October.