The Conservatives and Labour have committed to maintaining the Triple Lock guarantee on State Pensions until 2030. The Times recently reported that Secretary of State for Work and Pensions, Mel Stride MP, said the Triple Lock would “almost certainly” be in next year’s Conservative manifesto.
The Triple Lock determines the level of uprating for the State Pension and pays the highest between September’s Consumer Price Index (CPI) inflation rate, earnings growth, or 2.5%. Once the Secretary of State has completed his review of the increase in prices, he must also decide whether to up-rate other benefits, and if so, by how much.
The Bank of England's current September CPI forecast is 7%, which would see another bumper boost next April for people on the Basic and New State Pension over the 2024/25 financial year. This might also see disability benefits rise by the same uprating, but even an uplift of 2.5% would give people on the maximum awards for Personal Independence Payment (PIP), Adult Disability Payment (ADP), Disability Living Allowance (DLA) or Child Disability Payment, receive over £708 every four-week pay period.
At present, people claiming any of the disability benefits mentioned above receive between £26.90 and £172.75 each week in additional financial support from the Department for Work and Pensions (DWP) or Social Security Scotland. As the benefits are usually paid every four weeks, this amounts to between £107.60 and £691 every payment period.
An annual uprating of 2.5% would see some of the country’s most vulnerable people receive between:
- £27.55 and £177.05 each week, or
- £110.20 or £708.20 every four-week pay period
An uprating of 7% would see people receive between:
- £28.80 and £184.90 each week, or
- £115.20 or £739.60 every four-week pay period
Attendance Allowance
People over State Pension age claiming Attendance Allowance currently receive either £68.10 (lower rate) or £101.75 (higher rate) each week. As the benefit is usually paid every four weeks, this amounts to either £272.40 or £407 every payment period.
Attendance Allowance claimants would see their weekly payments increase to either £69.80 (lower rate) or £104.30 (higher rate) each week under a 2.5% annual uprating. This is equivalent to £279.20 or £417.20 every four-week pay period.
An uprating of 7% would see claimants receive either £72.90 (lower rate) or £108.90 (higher rate) each week. This is equivalent to £291.60 or £435.60 every four-week pay period.
There is no mobility component for Attendance Allowance.
Below are estimations on how much PIP and ADP claimants could receive from next April if a 2.5% or 7% uprating is applied.
Current PIP and ADP payment rates 2023/24
The term ‘per month’ used in the figures below refers to the four-week pay period.
Daily living component
- Standard rate: £68.10
- Enhanced rate: £101.75
Mobility component
- Standard rate: £26.90
- Enhanced rate: £71.00
Weekly payments
- Minimum PIP/ADP per week: £26.90
- Maximum PIP/ADP per week: £172.75
Monthly payments
- Minimum PIP/ADP per month: £107.60
- Maximum PIP/ADP per month: £691
PIP and ADP payment rates under 2.5% Triple Lock
The term ‘per month’ used in the estimated calculations below indicates the four-week pay period.
Daily living component
- Standard rate: £69.80
- Enhanced rate: £104.30
Mobility component
- Standard rate: £27.55
- Enhanced rate: £72.75
Weekly payments
- Minimum PIP/ADP per week: £27.55
- Maximum PIP/ADP per week: £177.05
Monthly payments
- Minimum PIP/ADP per month: £110.20
- Maximum PIP/ADP per month: £708.20
PIP and ADP payment rates under 7% Triple Lock
The term ‘per month’ used in the estimated calculations below indicates the four-week pay period.
Daily living component
- Standard rate: £72.90
- Enhanced rate: £108.90
Mobility component
- Standard rate: £28.80
- Enhanced rate: £76.00
Weekly payments
- Minimum PIP/ADP per week: £28.80
- Maximum PIP/ADP per week: £184.90
Monthly payments
- Minimum PIP/ADP per month: £115.20
- Maximum PIP/ADP per month: £739.60
The annual uprating for State Pensions and benefits is usually announced by the DWP in late November/early December. We will update this article when this information has been released.
To keep up to date with the latest disability benefits news, join our Money Saving Scotland Facebook page here, follow us on Twitter @Record_Money, or subscribe to our newsletter which goes out Monday to Friday - sign up here.
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