Our role at the CSPA is to help protect the interests of Civil Service pensioners, and the triple lock on pensions has been a big focus of our recent campaign activity. We petitioned the Government to honour the triple lock in April 2024 and this week we’ve received the following response.
The Government has announced plans to increase State Pensions by 8.5% in April 2024, in line with the Triple Lock commitment.
The Government remains committed to ensuring that older people are able to live with the dignity and respect they deserve, and the State Pension is the foundation of state support for older people. The Government has announced plans to increase State Pensions by 8.5% in April 2024, in line with the Triple Lock commitment.
The action taken in 2022 was fair to both pensioners and to taxpayers. In 2020/21, we introduced primary legislation to increase State Pensions by 2.5 per cent, when earnings had fallen, and price inflation increased by half a percent. If we had not taken that action, State Pensions would have been frozen for 2021/22. We then introduced primary legislation to increase the basic and new State Pensions by at least the higher of price inflation or 2.5 per cent for 2022/23. This was a temporary response to exceptional circumstances caused by the pandemic.
In April, the State Pension saw its biggest ever rise, increasing by 10.1%. As a result, the full yearly amount of the basic State Pension is £3,050 higher, in cash terms, than in 2010. That’s £790 more than if it had been uprated by prices, and £945 more than if it had been uprated by earnings (since 2010).
The Government also provides additional support to older people, which includes the provision of free bus passes, free prescriptions, Winter Fuel Payments and Cold Weather Payments.
In 2023-24 we spend over £151.6 billion on benefits for pensioners in GB, 5.9% of GDP. This includes spending on the State Pension which is forecast to be £124.3 billion in 2023-24.
Department for Work and Pensions