Millions of older people are set for an annual increase of 8.5 per cent in April under the Triple Lock.
More than 17,500 people have signed an online petition calling on the UK Government to ‘Honour the Triple Lock in full in April 2024’ ahead of the annual State Pension uprating announcement expected to be made by Chancellor Jeremy Hunt during the Autumn Statement on November 22. An official statement on the proposal is now due as the UK Government responds to all petitions that receive more than 10,000 signatures.
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.
Top Money Stories Today Commenting on the future of the Triple Lock, Sian Steele, Head of Tax at the UK’s leading integrated wealth management and professional services firm Evelyn Partners, said: “This year’s bumper 10.1 per cent State Pension hike added £11 billion to spending on the State Pension in 2023-24, according to the IFS, and the 8.5 per cent hike now pencilled in for April means it will cost the Treasury £2 billion more in 2024/25 than the OBR forecast at the Spring Budget.
“This would have been an obvious and relatively uncontroversial reform to the Triple Lock had the authorities implemented it even just earlier this year, when it was already clear that costs to the Treasury from State Pension increases were escalating rapidly. But now the dialogue over the Triple Lock has become charged by election politics, any reduction in the current slated increase will doubtless be a matter of controversy.
Estimated State Pension payments from April 2024 The estimated calculations show the current annual rates for the full New and Basic State Pensions. How much someone receives depends on the number of years worth of National Insurance contributions, around 35 is needed for the full New State Pension, but this may be more if you were contracted out - find out more here.Figures have been rounded using the UK Government’s rounding policy.
UK Government Triple Lock State Pension Petition Annual Uprating Chancellor Jeremy Hunt Autumn Statement
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