What is the triple lock pension? | The Sun

PRIME Minister Liz Truss has refused to commit to the pension triple lock.

But what is the triple lock, and what does it mean for your pension?

What is the triple lock?

The triple lock is a calculation used to determine how much the state pension rises by each year.

It was introduced by the coalition government in 2010 and sees pension payments increase in line with whichever of the following is highest:

  • Earnings – the average percentage growth in wages in Great Britain
  • Prices – the rising cost of living in the UK, as measured by the Consumer Prices Index (CPI)
  • 2.5%

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The triple lock means the pension payments will rise in 2023 by whichever is highest: earnings, inflation or 2.5%.

It was temporarily halted this April for a "double lock" and the wage element was withdrawn.

That meant the full state pension rate went from £179.60 to £185.15 based on an inflation rate of 3.1%.

This year, the maximum basic state pension, which is for those with a National Insurance record pre-April 2016, rose from £137.60 to £141.85 a week.

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The new state pension is for those who build up National Insurance contributions after April 2016.

Ten years' worth is needed to get the new state pension, while 35 years are needed to qualify for the full amount.

You need at least 30 qualifying national insurance years to get the basic state pension.

Is the triple lock being scrapped?

A spokesperson for Truss confirmed the popular policy is under threat.

This means millions of pensioners could lose on promised cash.

They said: "We are very aware of how many vulnerable pensioners there are and indeed our priority is that we continue to protect the most vulnerable in society.

"The Prime Minister and the Chancellor are not making any commitments on individual policy areas at this point.

"But as I say the decisions will be made through the prism of what matters most to the most vulnerable."

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Millions are set to receive an extra £300 boost this winter to help with soaring bills.

It's for pensioners who receive the Winter Fuel Payment of between £100 to £300 already.

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