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.
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.