26 March 2024

The triple lock – will it continue?

State pensions will increase by 8.5% and civil service pensions by 6.7%. Last year both pensions were increased by the same amount.

Why is it different?
Civil Service pensions are increased by inflation in April using the figures from the previous September. This time that figure has been 6.7%. However, state pensions increase by the ‘triple lock’ which is the highest of 3 figures, inflation ( last year this was the 10.1% figure this year 6.7%) average earnings (8.5% which will be used this year to increase state pensions) or 2.5%.

So will the ‘triple lock’ continue after this year?
Jeremy Hunt the Chancellor has said that the policy will be in the Conservative Manifesto in the upcoming election even though he described it “expensive”.

Labour have said that they are ‘committed to the ‘triple lock’ Liz Kendall (Shadow Work and Pensions Minister) said at a TUC Pensions conference last week that she ‘understands how important the triple lock’ is to pensioners’.

This formula has been a help to pensioners over recent years but the State Pension still lags behind many countries in the developed world. The Netherlands is probably the best one but it is difficult to compare. How does the UK State Pension compare with Europe? | The Motley Fool UK

As part of the LLA we are calling for all political parties to make manifesto commitments to guarantee the State Pension triple lock for at least the duration of the next Parliament.

What can you do to help?
You can ask candidates from all parties in the upcoming election about their policies for pensioners. We have created an election toolkit which gives detailed information on how you can do this. 


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