Peter Dowd (Bootle) (Lab): On transitional funding, is it about time that the Government started tackling rich corporate tax dodgers and stopped dodging poor women pensioners?
Mr Vara: I am sure the hon. Gentleman is delighted that he was able to score his cheap political point.
Let me turn to our wider reforms. We inherited one of the most complex state pension systems in the world, and too many people did not understand what they could expect upon retiring. From April this year, we are introducing a simpler state pension that will give people a clear picture of what the state will provide so that they can build their own savings. We have a triple lock, so that pensioners will see their basic state pension go up by at least 2.5% every year, as it has since 2011. That means that from this April, pensioners will receive a basic state pension that is more than £1,100 higher a year than at the start of the last Parliament. It is important for people to look at matters in a broader context, rather than in the single-issue context that many colleagues seem to be speaking about.
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