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Concern about the State Pension Triple Lock

Published on 27 October 2022 09:37 AM

The triple lock is a rule that means the state pension must rise each year in line with the highest of three possible figures, inflation, average earnings or 2.5%.

Inflation is currently 10.1% and average earnings have risen by 5.5%. If the triple lock is maintained and pensions rise in line with inflation, the new state pension would rise in April 2023 from £185.15 per week to £203.85. But if the state pension was to rise by only 5.5%, in line with earnings, the weekly new state pension would only be £195.33 which represents an annual loss of £442.  

Anything less than a rise of 10.1% in the state pension will represent a massive cut, as inflation erodes the value of the pension. This will be a double whammy for pensioners already facing rising costs in energy bills.

The Conservative Manifesto 2019 stated very clearly that "We will keep the triple lock". Reports over the last week suggest this commitment is now at risk and pensioners may lose out, if the state pension does not rise at the rate of inflation.   

If this affects you or a loved one, please write an email to your MP. We will be campaigning on this issue with our national partner, Age UK, but we know MPs pay more attention to their local constituents than organisations.

Your email doesn’t need to be long – a couple of sentences can make a huge impact.

The MPs for Bury are

James Daly, MP for Bury North

Christian Wakeford, MP for Bury South