Pension Triple Lock (October 2023)

Thank you for contacting me about the Triple Lock.

I know the Government is fully committed to ensuring that older people can live with the dignity and respect they deserve, and the State Pension is the foundation of state support for older people. The Triple Lock is Government policy and has been for a long time.

As happens each year, the Secretary of State for Work and Pensions is required by law to undertake an annual review of benefits and the State Pension. The outcome of that review will be announced in the autumn, following the publication of the relevant indices by the Office for National Statistics in October, and the new rates will take effect from April 2024.

In April, the State Pension saw its biggest ever rise, increasing by 10.1 per cent. The full yearly amount of the basic State Pension is over £3,050 higher, in cash terms, than in 2010. That’s £790 more than if it had been uprated by prices, and £945 more than if it had been uprated by earnings (since 2010).

The Government also provides additional support to older people, which includes the provision of free bus passes, free prescriptions, and Winter Fuel Payments, with Cold Weather Payments for those in receipt of Pension Credit.

Thank you again for taking the time to contact me.