Member

Ministers have assured us that the triple lock increases will compensate for lost payments but, as the noble Lord, Lord Davies of Brixton, so eloquently said, this is clearly not the case. The triple lock is here to ensure that pensions keep their value in the face of rising costs. Despite the improved value of the state pension in recent years, it is one of the lowest in Europe and the triple lock needs to be maintained to bring it to a realistic level to support the many poor pensioners without generous private pensions who depend on the state pension to survive.