To ask Her Majesty's Government what assessment they have made of the effect of rising wages on the feasibility of re-introducing the "triple lock" on pensions in 2022.
22 September 2021
The Government has introduced the Social Security (Uprating of Benefits) Bill which will suspend the earning linked measure of the Triple Lock for up-rating for 2022/23 only. The Government remains committed to implementing the Triple Lock in the usual way for 2023/24 and the remainder of the Parliament.
Decisions on the rates for State Pensions are made each Autumn as part of the Up-rating review by the Secretary of State for Work and Pensions. These are normally informed by earnings and prices data published in October each year. We will review the 2022 earnings growth figures at the appropriate time.