The Conservatives and Labour have committed to maintaining the Triple Lock guarantee on State Pensions until 2030. It was recently reported by The Times 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 per cent. As reported by the Daily Record, the Secretary of State must decide whether to up-rate other benefits and by how much after completing his review of the increase in prices.
The Bank of England's current September CPI forecast is 7 per cent, 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 per cent would give people on the maximum awards for Personal Independence Payment (PIP), Disability Living Allowance (DLA) or Child Disability Payment, receive over £708 every four-week pay period.
