Updated: PM 'completely committed' to state pension triple lock

Liz Truss backs commitment to state pension triple lock at PMQs

clock • 5 min read

Today’s inflation figures (19 October) mean pensioners will be in line for a record-breaking increase to their state pension after prime minister Liz Truss said she was "completely committed" to the triple lock.

UK Consumer Prices Index (CPI) returned to double-digit figures for September hitting 10.1% as the cost of food and non-alcoholic beverages soared. The September inflation figure is one of the key elements for the state pension triple lock formula. The other two being wages and 2.5%. Speaking during a heated Prime Minister's Questions, Truss said she was "completely committed" to the state pension uprating mechanism. Maintaining the triple lock would see the full state pension increase from £185.15 per week to £203.85 per week from April next year. This would be £10,600.20 per year...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Crucial advice issue: Death benefits detail advisers need to know

Crucial advice issue: Death benefits detail advisers need to know

Important differences from previous regime

Andrew Tully
clock 05 April 2024 • 4 min read
British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read
SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read