Retirees are heading for a bumper increase to their state pension next year after Prime Minister Liz Truss said the triple lock is being protected. Speaking in the House of Commons, Ms Truss insisted that “we are protecting the triple lock on pensions”.
It was feared that pensioners could miss out on £8.50 per week or £442 per year in income if the state pension is increased in line with earnings next April instead of with inflation. The triple lock is normally used to calculate the increase in the state pension but it was suspended for a year last year and state pensions instead rose by 3.1%.
The mechanism would guarantee that state pensions increase by September’s inflation figure, wages or 2.5% – whichever is higher.
