Intergenerational fairness Contents

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Contents

Summary

1 Introduction

The intergenerational contract

Our inquiry

2 The intergenerational contract under strain

Demographic context

A large and long-living baby boomer generation

Old-age dependency ratio

Private wealth

Homeownership and housing costs

Savings and occupational pensions

Public expenditure and tax

Generational accounting

Fiscal balances over lifetimes

Benefit spending

Incomes and poverty

3 The state pension triple lock

State pension uprating policy and its effects

Sustainability of the triple lock

The ratchet effect

State pension age increases

Alternatives to the triple lock

Removing one of the elements of the triple lock

Smoothed earnings link

4 Universal pensioner benefits

Political considerations

The Winter Fuel Payment

The Winter Fuel Payment and fuel poverty

Policy options

5 Strengthening the intergenerational contract

Intergenerational fairness and policy-making

Securing the intergenerational contract

Conclusions and recommendations

The intergenerational contract under strain

The pension state triple lock

Universal pensioner benefits

Strengthening the intergenerational contract

Formal Minutes

Witnesses

Published written evidence

List of Reports from the Committee during the current Parliament

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© Parliamentary copyright

4 November 2016