Triple lock pension

The triple lock is a government commitment used to decide how much state pensions will increase by in the new tax year. File photo dated 12/09/18 showing ...

[Inflation is a measure](https://inews.co.uk/inews-lifestyle/money/inflation-what-happens-rises-uk-rate-increase-meaning-prices-explained-1008452?ico=in-line_link) of how much the prices of goods and services increase over time. If it were to rise by 13 per cent, it would reach £160.29. Its target is to return inflation to 2 per cent. The next tax year begins in April 2023. If it were to rise in line with earnings, the weekly state pension would increase to £149.51. [Liz Truss has committed](https://inews.co.uk/news/politics/liz-truss-triple-lock-pensioners-chancellor-spending-cuts-1920231?ico=in-line_link) to keeping the [state pension triple lock](https://inews.co.uk/inews-lifestyle/money/pensions-and-retirement/state-pension-increase-2023-how-much-triple-lock-1895178?ico=in-line_link) intact, despite refusing to guarantee on Tuesday that it would remain.

Inflation hit 10.1pc in September, which will push the state pension to £10600.

Half of pensioners rely on the state-paid benefit as their main source of income, according to the pension provider Royal London. “This increasingly unpopular Government faces a difficult decision as Mr Hunt looks to balance the books. The basic state pension would grow by £7 a week. “By that measure, moving from an inflation link to an earnings link would save the Chancellor £4bn to £5bn a year,” he said. Keeping the inflation increase in place would provide a huge boost to pensioner income at a time when many are struggling.” The loss of this increase would equate to £12,000 by the time a 66-year-old pensioner turned 85, assuming 2.5pc increases in the state pension thereafter, according to Quilter Cheviot.

The state pension could be in line for a record increase under the triple lock mechanism, after rising food prices pushed inflation rates back into the ...

Adding to this, Hargreaves Lansdown senior pensions and retirement analyst, Helen Morrissey, argued that denying the increase would come "as a bitter blow to the many pensioners who rely on state pension as the foundation of their retirement income". Under the triple lock mechanism, the new full flat-rate state pension is expected to increase from £185.15 per week to £203.85 per week from April 2023, while the basic state pension will increase from £141.85 per week to £156.20 per week. state pension incomes will be "massive", warning that this amount of money could make a real difference to pensioners quality of life, particularly over the winter months. This would mean that the full-flat rate state pension would rise to £195.35 per week, £442 per year less than the inflation-linked increase, while the basic state pension would only rise to £149.65 per week, £340.60 less per year compared to an inflation-linked increase. The state pension could be in line for a record increase under the triple lock mechanism, after rising food prices pushed inflation rates back into the double digits. The latest figures from the Office for National Statistics revealed that the Consumer Prices Index (CPI) increased by 10.1 per cent in the 12 months to September 2022, meaning that pensioners would be in store for a record increase under the state pension triple lock.

Prime Minister Liz Truss has promised she will commit to keeping the pensions triple lock, amid widespread speculation it is under threat. But how does it ...

Will the pensions triple lock end? What is the pensions triple lock? What has happened to the triple lock? But what exactly is the pensions triple lock and how much of a difference does it make to pensioners' financial outlooks? What is the pensions triple lock and how does it work? [Inflation](/news/topic/inflation) is back in the double digits, and [speculation is swirling the government could break its promise](/news/2022-10-18/liz-truss-no-longer-standing-by-pension-triple-lock-commitment) on the [pensions](/news/2022-10-18/inflation-set-to-return-to-double-figures-as-food-prices-surge) triple lock guarantee.

Another day, another U-turn, as Liz Truss looks set to renege on her commitment to her party's fabled pensions triple lock, a Conservative manifesto pledge ...

[tweeted](https://twitter.com/mariacaulfield/status/1582415271234441216): “I will not be voting to end the pensions triple lock. But with annual inflation growth hovering around double digits, well above wage growth which sat at 5.4% in August, this promise “would cost the government at a time when it is trying to reel back with tax cut reversals and spending cuts”, said the [Financial Times](https://www.ft.com/content/0967e7ef-ab4b-4b64-bd4b-c9a8d7de1fe4) (FT). “Against this, the triple lock is politically totemic.” “A reduced pension rise, combined with a cut in help on energy bills, could be part of a ‘double whammy’ for millions of pensioners,” said former pensions minister Sir Steve Webb. “Don’t dare go back on pensions triple lock” was the Daily Express’s front page as it claims Truss is “betraying” pensioners. “Millions face pain on pensions” was the Daily Mail splash. I am completely committed to it and so is the chancellor.” Earlier this week, Downing Street said the prime minister was “not making any commitments” on government spending. [The Telegraph](https://www.telegraph.co.uk/politics/2022/10/18/pensioners-could-worse-liz-truss-reneges-triple-lock-promise/), “appearing in successive Conservative election manifestos”. “It is not hard to see why” the chancellor was refusing to guarantee the triple lock, said Pushed on pensions specifically, a spokesperson said that reviewing the previous triple lock commitment was a “mutual decision” by Truss and the [new Chancellor Jeremy Hunt](https://www.theweek.co.uk/news/uk-news/955210/next-tory-leader-odds-the-favourites-to-replace-boris-johnson/jeremy-hunt-the-former-health-secretary-waiting-in-the-wings), and it was their “agreed position” to prioritise economic stability.

Age Scotland has warned that if the UK Government breaks the triple lock pension promise it will be devastating for hundreds of thousands of older people ...

Adam Stachura, Age Scotland’s head of policy and communications, said: “The State Pension is critical to hundreds of thousands of Scottish pensioners as it makes up all or most of their retirement income. Their health and financial security are suffering, and increasing numbers will find themselves with unmanageable debt unless things change. “Last year, the now Deputy Prime Minister said the triple lock would only be paused for a year, and the Prime Minister herself has said time and again that the triple lock on the State Pension is safe.

In practice, it means that the state pension must rise by whichever of the following three things is highest: Average earnings; Inflation; 2.5%. The government ...

And, as it happened, many Tory voters fell into the older age bracket. Here we explain the long-standing manifesto pledge from the Conservative Party and its bumpy journey to remain as a policy. And how did we get here? And Conservative peer Baroness Ros Altmann told the BBC it would be "unforgivable" for the government not to stand by its policy. "For the government to take that away from them now would be a hammer blow, as well as a flagrant breach of trust." During her leadership campaign, Liz Truss told a Tory hustings she would be "fully committed" to the pensions triple lock if she was to win the keys to Downing Street, and two weeks ago, she reiterated her promise. This would make it the highest of the three metrics for next year's pension increase by far, therefore to stick to the triple lock, the government would need to raise the state pension by 10.1% come April. What is the pensions triple lock and why is the government staying committed to the policy? The triple lock is a government policy designed to ensure people's pensions are not impacted by gradual rises in the cost of living over time. What is the history of the policy? The long-term manifesto commitment of the Conservative Party appeared to be under threat after days of ministers - including the new chancellor - being unable to promise the government would stick to it. After a month of economic pledges and screeching U-turns in Westminster, the focus turned this week to one policy in particular - the pensions triple lock.

Downing Street and the Treasury had for days refused to commit to the triple lock, under which the state pension would rise by whichever is the greatest of ...

“Is that the release date or the title?” But the right thing to do in those circumstances is to make changes, which I have made, and to get on with the job and deliver for the British people.” So is the chancellor.”

UK prime minister also faces challenge from Labour over resumption of fracking.

“What is the point of a prime minister whose promises don’t last a week?” “I’m committed to it and so is the chancellor.” “How can she be held to account when she’s not in charge?” he asked. Stein declined to comment. Truss said shale gas extraction would only take place with community support. The