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

  • 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

EV launches digital retirement toolkits to improve understanding

EV launches digital retirement toolkits to improve understanding

'The tools can help them make a better informed decision'

Martin Richmond
clock 25 January 2023 • 1 min read
Govt rejects call to set AE contribution increase timetable

Govt rejects call to set AE contribution increase timetable

Government makes series of rejections to WPC report

Holly Roach
clock 23 January 2023 • 3 min read
TPR strategic direction will not change under new CEO

TPR strategic direction will not change under new CEO

Pensions industry does not believe new leadership will lead to significant change

Holly Roach
clock 19 January 2023 • 2 min read