An announcement will be made by the Department for Work and Pensions (DWP) next month releasing the State Pension and other benefits uprating.
This will follow a scheduled annual review, taking place after the release of the September Consumer Price Index (CPI) inflation figures this month. The Daily Record reports that the Secretary of State is required - by law - to review certain benefit rates annually to ensure the value has been retained.
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The Work and Pensions Committee has already put pressure on Chancellor Kwasi Kwarteng to honour this commitment made by former Chancellor, Rishi Sunak, to uprate benefits in April 2023 - in line with the September 2022 CPI rate.
When questioned about this in Parliament, the Chancellor stated that the Government "will make announcements about that in due course". This has sparked concern that the uprating will not happen.
One MP has now called out the DWP about any assessments they have made into the real-term value of the State Pension, following the soaring increase to the cost of living. In a written response to Hywel Williams, Pensions Minister, Alex Burghart, defended the UK Government’s actions and highlighted measures taken to “protect pensioners” during the cost of living crisis.
Alex also explained that in cash terms, since 2010, the basic State Pension has risen by over £2,300. He also indicated that the Triple Lock rule will be implemented in the "usual way for the remainder of the Parliament”.
What is the Triple Lock rule?
The Triple Lock rule is the UK Government's guarantee that State Pensions grow in line with whichever is highest out of earnings, inflation or 2.5 per cent. It was introduced to help give pensioners a decent minimum level of income which would keep pace with growth in workers' earnings.
Alex responded: "The [UK] Government has acted to protect pensioners against the current cost of living situation with a range of support. The value of the State Pension should not be considered in isolation.
“Since 2010, the full yearly amount of the basic State Pension has risen by over £2,300, in cash terms. That's £720 more than if it had been uprated by prices, and £570 more than if it had been uprated by earnings.
“The Government has committed to implementing the Triple Lock in the usual way for the remainder of the Parliament.”
In the letter to Chancellor Kwasi Kwarteng, the Rt Hon Stephen Timms MP, Chair of the Work and Pensions Committee, said: “Prices are continuing to rise at unprecedented rates and inflation is unlikely to abate soon.
“People on the lowest incomes are increasingly struggling to get by on the essentials and, because of the jump in inflation between September 2021 and April 2022, benefits claimants’ incomes have fallen sharply in real terms this year. The former Chancellor assured Parliament there would be a ‘catch up’ next April.”
Stephen also warned: "The Chancellor must honour his predecessor’s pledge to uprate benefits in the usual manner, in line with inflation. Without it, countless families risk being pushed further into crushing poverty as they are forced to stretch the same money over higher prices.”
The annual uprating on State Pension and benefits is intended to be applied from April 10, 2023. And, the next General Election is legally obliged to be called by January, 2025.
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