Autumn Statement 22: Government backs state pension triple lock

Increase with inflation

The state pension triple lock will be retained, seeing retirement benefits for millions of pensioners across the UK increase in line with inflation, the chancellor has confirmed.

The triple lock means the state pension increases in line with whichever of these measures is highest: inflation, as measured by the Consumer Prices Index in September; the average increase in wages across the UK; or 2.5%. It comes into effect each April and is due to go up by 10.1% or about £880 - its largest-ever increase, Hunt said. He told pensioners during his first speech as chancellor: "This government is on your side." Retention of the policy was a Conservative Party manifesto commitment. It has, however, been the topic of much debate over affordability and retention. In...