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Oct 19, 2022

Triple lock pensions under question

Prime Minister Liz Truss is no longer committed to defending triple lock pensions, according to a spokesperson from Number 10.

The triple lock guarantees that the state pension will rise every year either in line with inflation, average national earnings, or 2.5% - whichever is highest.

With inflation soaring to 10.1% in the 12 months to September, the state pension would be expected to rise by around that amount from April 2023.

However, the spokesperson said that the Prime Minister and Chancellor Jeremy Hunt are "not making any commitments" on individual policy areas at the moment but that protecting the vulnerable is a "priority".

Truss had previously committed to keeping the triple lock, as promised in the Conservative's 2019 manifesto. However, comments from the Chancellor on Monday (17 October) sparked concerns that this may no longer be the case.

Speaking in the House of Commons, Jeremy Hunt said:

"I am very aware of how many vulnerable pensioners there are, and of the importance of the triple lock. I am not making any commitments on any individual policy areas, but every decision we take will be taken through the prism of what matters most to the most vulnerable."

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The information in this article was correct at the time of publication.