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State Retirement Pensions

Question for Department for Work and Pensions

UIN HL2541, tabled on 8 September 2021

To ask Her Majesty's Government what assessment they have made of the cost savings that will be achieved through the suspension of the "triple lock" on state pension payment increases.

Answered on

22 September 2021

Our latest estimates are that the difference between maintaining the Triple Lock in the face of the earnings spike and the double lock could be £4-5 billion. But we will not know the final numbers until later in the autumn.

Since 2010, we have increased the value of the full yearly basic State Pension by over £2,050, in cash terms. We now spend over £129 billion a year on pensioners in 2021/22.