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Unfairness, the Select Committee on Intergenerational Fairness and Provision called for the measure to be withdrawn.The triple lock was a mechanism introduced by the UK’s coalition government of 2010-15.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

Rockets extend streak to 10 games with win over Bulls

first_imgThe NBA-leading Rockets became the first team since San Antonio in the lockout-shortened 2011-12 season to have three winning streaks of at least 10 games in a season. They won 14 in a row from Nov. 16-Dec. 18 and 17 straight from Jan. 28-March 7.Lauri Markkanen returned after missing Saturday’s game with lower back spasms and had 22 points for the Bulls, who dropped their sixth straight.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownThe Rockets had a 21-point lead at halftime, paced by 24 points from Gordon, and opened the third quarter with a 16-2 run to extend it to 76-41 with 7 1/2 minutes left in the quarter. Ariza had eight points, powered by two 3-pointers in that stretch.The Bulls couldn’t do anything right in that span, missing four shots and committing five turnovers, including one on a shot clock violation and another when David Nwaba stepped out of bounds. MOST READ Nwaba made Chicago’s first basket in more than 3 1/2 minutes, but the Rockets scored the next seven points to make it a 40-point lead with just more than five minutes left in the quarter.After never trailing in their blowout wins over New Orleans and Atlanta, the Rockets spent 13 seconds behind on Tuesday night after Cameron Payne put Chicago up 2-0 with a basket early in the first.Gordon’s first 3-pointer came next to put Houston up for good. It was the first of a 14-3 run that put the Rockets ahead 14-5 with about 8 1/2 minutes left in the quarter.Markkanen had the next seven points to get Chicago within two, but an 11-2 spurt by Houston followed to extend the lead to 25-14.Chicago cut the lead to eight on a 3-pointer by Denzel Valentine about nine minutes before halftime before the Rockets used a 13-2 run to extend it to 51-32 five minutes later. Nene had four points in that stretch and Gordon added five, including a 3-pointer to cap it.ADVERTISEMENT Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Judy Ann’s 1st project for 2020 is giving her a ‘stomachache’ Recto seeks to establish Taal rehab body to aid community, eruption victims Houston Rockets forward PJ Tucker (4) and Chicago Bulls center Cristiano Felicio vie for a loose ball during the first half of an NBA basketball game Tuesday, March 27, 2018, in Houston. (AP Photo/Eric Christian Smith)HOUSTON — Eric Gordon scored 31 points and tied a career high with eight 3-pointers on a night James Harden sat out to rest, and the Houston Rockets got their 10th straight win with a 118-86 rout of the Chicago Bulls on Tuesday night.Trevor Ariza added 21 points and Chris Paul had 13 points and 10 assists in his return after missing the last three games with a sore hamstring.ADVERTISEMENT Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Don’t miss out on the latest news and information. In Liverpool, Man United sees the pain and path to recovery Conor McGregor seeks to emerge from controversy in UFC comeback Jiro Manio arrested for stabbing man in Marikina Nadine Lustre’s phone stolen in Brazil LATEST STORIES Clamping down: Wade, Heat stymie Cavaliers Cabuyao City rising above the ashes through volunteerism The Rockets were up by 16 late in the second when Gordon scored all of Houston’s points in an 8-4 run to wrap up the first half and make it 60-39.TIP-INSBulls: Sean Kilpatrick, who signed a three-year deal on Tuesday, had 12 points and two rebounds. … Noah Vonleh had 10 points and 12 rebounds. … Chicago had 18 turnovers.Rockets: Luc Mbah a Moute missed his third straight game with a sore left knee. … Houston made 18 3-pointers to give them at least 15 in six of the last seven games. … Tuesday was the third straight game where Houston held its opponent to less than 50 points in the first half.UP NEXTBulls: Visit Miami on Thursday.Rockets: Host Phoenix on Friday.Sports Related Videospowered by AdSparcRead Next Scarlett Johansson, Sterling K. Brown among SAG Awards presenters View commentslast_img read more