The state pension will rise from next week but the Conservatives and Labour are at war over the triple lock – the guarantee that drives increases in the state pension
Keir Starmer made an urgent statement on the State Pension triple lock policy, highlighting the upcoming boost in pension payments from next week.
The triple lock guarantees a minimum annual increase of 2.5% to the State Pension, providing older individuals with a sense of security regarding their income. However, the sustainability of the triple lock has been a hot topic of debate in recent years, with speculation about its viability in the long term. The Conservative leadership’s remarks about the triple lock have sparked curiosity about its future prospects
And any move to abolish or modify it would undoubtedly spark a major uproar.
During this week’s Prime Minister’s Questions in the Commons, the Prime Minister affirmed Labour’s commitment to the triple lock as he announced the pension hikes starting April 7, reports Birmingham Live.
He said: “We can commit to triple lock because we restored stability after they (the Conservatives) crashed the economy.
“Twelve million pensioners will receive up to £470 more.”
Starmer accused the Conservatives of jeopardising the future of the triple lock, referencing past statements by Tory leader Kemi Badenoch and Shadow Chancellor Mel Stride.
The triple lock ensures that the state pension rises annually by whichever is highest among inflation, wage growth, or 2.5%.
This year, it will see a 4.1% increase to align with wage growth.
Amidst concerns regarding the cost and long-term viability of the triple lock, the Prime Minister has made his stance clear, arguing: “The Shadow Chancellor called triple lock unsustainable and the leader of the opposition wants to means test the triple lock so she can cut it.”
However, Ms Badenoch swiftly pointed out that the triple lock was “Conservative policy” introduced during their governance.
The news comes as state pensioners are set to receive additional benefits this month. Those who are eligible will get 11 perks and benefits on top of their regular payments.
The new perks include a free passport application, a free TV licence, free travel in certain situations and council tax help among others.
The current State Pension age is 66 years old for both men and women. You can check when you’ll receive your State Pension using the GOV.UK checker. It’s important to note that the State Pension isn’t automatically given – it must be claimed.
An invitation letter from the Pension Service should arrive around four months before you reach State Pension age, giving you the option to claim then or defer it for higher payments in the future.
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