Written questions by Murray.

What information her Department holds on the number of retirees affected by the lack of statutory inflation protection for pre-1997 defined benefit pensions.

Analysis carried out by the Pensions Regulator estimates that, as of 31 March 2023, 23 per cent of private-sector occupational Defined Benefit (DB) pension schemes have no indexation applied to pre-1997 benefits. However, this is in addition to any Guaranteed Minimum Pension rights accrued between 1988 and 1997, which must be indexed by the scheme. This information is published and available at: Data requests | The Pensions Regulator

If she will make an assessment of the potential impact of regulations not subjecting pre-1997 defined benefit pensions to statutory indexation on the financial wellbeing of pensioners.

Analysis by the Pensions Regulator estimates that, as of 31 March 2023, more than three quarters of schemes provide indexation on scheme benefits accrued before 6 April 1997. This is in addition to any Guaranteed Minimum Pension rights accrued between 1988 and 1997, which must be indexed by the scheme. These schemes represent over 80 per cent of the membership of private-sector occupational Defined Benefit (DB) pension schemes. This information is published and available at: Data requests | The Pensions Regulator The Department does not hold any data on the financial status of the members of these schemes.

With reference to the report by the Parliamentary and Health Service Ombudsman entitled Women’s State Pension age: our findings on injustice and associated issues, published on 21 March 2024, whether compensation proposals will form part of a future fiscal event.

I was the first Minister in 8 years to meet the WASPI campaign group and listen to their concerns. We need time to review and consider the Ombudsman’s report along with the evidence provided during the investigation. Once this work has been undertaken, the Government will be in a position to outline its approach.