United Kingdom

Triple lock could help state pension soar by record 8.4%

Pensioners could receive a record rise in their state pension if the Government stands by the triple lock pledge.

The payout rises every year alongside whichever is highest: average wage growth, inflation or 2.5 per cent.

Average weekly wages rose by 8.4 per cent in the 12 months to April, according to figures from the Office for National Statistics. 

This is because earnings were depressed during Covid lockdowns and rose when millions returned to work.

Pensioners could receive a record rise in their state pension if the Government stands by the triple lock pledge (stock image)

Nigel Mills, Tory chairman of the all-party parliamentary group on pensions, said the spirit of the 2019 manifesto promise could be kept

Under the terms of the triple lock, an 8.4 per cent increase in the state pension next year would add over £7billion more to state spending, whereas a regular 2.5 per cent increase would cost only £2.1billion. 

Pensioners received the default 2.5 per cent increase this April.

Nigel Mills, Tory chairman of the all-party parliamentary group on pensions told the Daily Telegraph: 'The triple lock wasn't meant to be based on artificially out-of-line earnings data.'

He said the spirit of the 2019 manifesto promise could be kept by calculating a two-year average of earnings data.

The triple lock was introduced under the coalition in 2011 and has been continued by successive Conservative governments.

Boris Johnson recommitted to the triple lock during the 2019 general election.

It is understood ministers have not yet discussed any changes to the triple lock.

A final verdict of the state pensions upraising will be taken at the annual review in November.

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