Thank you for emailing me about the Triple Lock on the State Pension.
I believe that everyone should have a decent and secure income in retirement. The Triple Lock means the basic State Pension rises by inflation, earnings, or 2.5 per cent, whichever is highest. From April 2021, pensioners receiving the full rate of the new State Pension have received an increase of 2.5 per cent to £179.60 per week. The basic State Pension has also increased by 2.5 per cent, to £137.60 per week. The basic State Pension is now over £2,050 a year higher than a decade ago.
Each year, the Secretary of State for Work and Pensions is legally required to conduct a review of benefits and pension rates to determine whether they have retained their value in relation to the general level of prices and/or earnings. The Secretary of State will make a decision on the future up-rating of the State Pension in the autumn as part of this process
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I know my ministerial colleagues are committed to ensuring that older people are able to live with the dignity and respect they deserve and understands that the State Pension is the foundation of support for older people. The State Pension is supported by further measures for older people, which include the provision of free bus passes, free prescriptions, Winter Fuel Payments, and Cold Weather Payments
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I am aware of speculation in the media regarding the future of the triple lock in the context of an anomaly in this year’s earnings statistics, caused by the economic and social restrictions applied to tackle the pandemic. The Government is clear of the need to maintain fairness for both pensioners and taxpayers and I will continue to engage with ministerial colleagues on these matters to ensure that they are aware of the extent of public interest.
Thank you again for contacting me.
