Peers call for removal of triple lock on UK state pension

first_imgThe select committee’s report today said that as pensioners’ incomes had been brought back in line with those of working people, according to an inquiry by the House of Commons Work and Pensions Committee, it was no longer needed.“The triple lock for the state pension should be removed,” the report said. “The state pension should be uprated in line with average earnings to ensure parity with working people. However, there should be protection against any unusually high periods of inflation in the future.”The move follows similar calls made by the OECD in October 2017. At the time, the institution said: “Indexing the state pension solely to average earnings would be fairer, while it would still allow pensioners to benefit from improvements in living standards.”‘Important first step’John Taylor, president-elect at the Institute and Faculty of Actuaries (IFoA), said the institution supported the peers’ recommendation.“The introduction of the new state pension in 2016 restored the level of the state pension in relation to wages and means that the triple lock should no longer be necessary,” he said.The peers’ report said that maintaining the triple lock indefinitely would be unsustainable, something echoed by Frank Field, an MP who represented Labour at the 2017 election but is now independent. Field, chair of the Work and Pensions Committee in the lower house of parliament, told the Lords that he still supported this notion, but was quoted as being “worried about its political ramifications”.Taylor at the IFoA said: “It should now be a priority to ensure the state pension remains sustainable and affordable over the long term. Removing the triple lock would be an important first step in ensuring the sustainability of the state pension for future generations.”The peers’ report called on the Treasury to generate and publish data on intergenerational fairness. It also recommended the government create intergenerational impact assessments for all draft legislation indicating how it will affect different generations. A committee of peers in the House of Lords has called for the removal of the triple lock on the UK state pension, saying keeping it active indefinitely was unsustainable.In a report published today, entitled Tackling Intergenerational Unfairness, the Select Committee on Intergenerational Fairness and Provision called for the measure to be withdrawn.The triple lock was a mechanism introduced by the UK’s coalition government of 2010-15. Its application means the state pension must be raised annually according to whichever was highest of wages, inflation or 2.5%.Each of the main political parties pledged to maintain the triple lock before the snap election of 2017, although the ruling Conservative party proposed to scrap the 2.5% lower limit after 2020. However, following its poorer-than-expected showing at the polls, the party was forced to abandon this idea in order to secure parliamentary support from Northern Ireland’s DUP.last_img read more

Cape clears away to score

first_img Cape Clear Island continued to respond to pressure to get the better of Greatest Journey by a neck, with Rocky Rider a further head away in third. Co-owner Michael Tabor said: “I think the price tells you it was a surprise. He is a nice horse and hopefully he will improve on that. “I don’t know if he is up for going for the Dante or to Chester, as I don’t know if he is good enough. It is hard to say how good that race was.” Kurland created an instant impact on her racecourse debut after sauntering to an effortless success in the Montaz Restaurant EBF Stallions Maiden Fillies’ Stakes. Moving well throughout the five-furlong contest, the Martyn Meade-trained runner (8-1) was kept close to the front end of the race by Fergus Sweeney before smoothly asserting during the closing stages. Once in the clear, she only needed to be pushed out with hands and heels to come home three and three-quarter lengths clear of 40-1 runner-up Sakhee’s Jem. Meade said: “She is a very exciting prospect, who had always worked really well at home. She was prepared for the moment and she has shown she was good enough. “We will have a look at what time she did to see how good she is, then we can really get to work with her.” Held up at the rear of the field early on by the three-times champion jockey, the 14-1 shot joined the battle for the mile-and-a-quarter race late in the day. Long-time leader and favourite Rocky Rider looked to have fought off the bulk of his rivals from the front, but the Aidan O’Brien-trained winner and eventual runner-up Greatest Journey forged ahead inside the final furlong. Press Association Ryan Moore was seen at his strongest in steering Cape Clear Island to a battling success in the £200,000 Tattersalls Millions 3-Y-0 Trophy at Newmarket. Winter House overcame early signs of greenness to come from well off the pace and open his account at the first time of asking in the Swan At Lavenham Wood Ditton Stakes. Favourite Fallen For A Star and the hard-pulling Bermondsey took the field along early on in the mile contest and were still well in contention entering the final two furlongs. As Bermondsey’s run came to an end, Fallen For A Star continued to battle on but was powerless to prevent both Mustaaqeem and Winter House powering past. It looked as though the Sir Michael Stoute-trained representative had got first run on the 8-1 shot, but with the post looming James Doyle managed to forge the son of Cape Cross into the lead to score by a neck. Winning trainer Saeed bin Suroor said: “He will learn a lot from this race. He has been doing well in the mornings, but he is still a bit green. He didn’t behave himself last year, but he is a different horse this year. He was only 80 per cent fit for today and I am sure he will improve for it. “The next race for him will be a Listed race at Windsor on May 11.” last_img read more