New calls for State Pension Triple Lock to be ‘honoured in full' ahead of uprating announcement next month
11.10.2023 - 14:19
/ dailyrecord.co.uk
A new online petition is calling on the UK Government to ‘honour the Triple Lock in full in April 2024’ ahead of the annual State Pension uprating announcement to be made during the Autumn Statement next month.
Under the Triple Lock policy, the State Pension increases each year in line with whichever is the highest between average annual earnings growth from May to July (currently 8.5%), CPI inflation in the year to September (currently 6.7%) or 2.5 per cent.
Speculation has been mounting in recent weeks that the UK Government may make changes to the Triple Lock to curb ever-increasing costs of the State Pension and opt to use the lower wages growth figure of 7.8 per cent instead of the 8.5 per cent. However, petition creator Garry Graham is calling for the policy to be honoured in full to “keep pensioners' total incomes from falling too far below inflation”.
The petition, posted on the petitions-parliament website states: “The Conservative Party's manifesto promised to keep the Triple Lock. This increases State Pension by the highest of inflation, wage growth or 2.5%. Headline wage growth was 8.5% in May to July 2023, but there is speculation that the UK Government might use a lower figure. The full increase should apply.
“The Triple Lock does not mean that pensioners' total incomes are increasing in real terms. It only applies to State Pensions. Many workplace pension increases are capped at 2.5% or 5%. Annuities and Pension Protection Fund compensation are frozen for many.”
It adds: “The Triple Lock helps keep pensioners' total incomes from falling too far below inflation.”
At 10,000 signatures of support, the UK Government will respond to this petition which you can read in full here.
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