What is the state pension and the triple lock?

Pensioners generally receive an increase in line with rising prices or earnings. The state pension is a payment made every four weeks by the government to people who have reached the qualifying age. In April 2023, the state pension went up by 10. 1%.

In April 2024, the link to earnings will see an increase of 8. 5%. The triple lock was designed to ensure the value of the state pension was not overtaken by the increase in the cost of living. In March, Chancellor Jeremy Hunt said the Conservatives would continue the triple-lock system, if they won the next general election.

Labour also said it was committed to retaining the triple lock. There had been speculation, in the run-up to the 2023 Budget, that the second increase would be brought forward, potentially to the late 2030s. But in March 2023, the government said it had no plans to change the timetable and indicated a decision was expected in 2026, after the next general election. The state pension cost £110.

5bn in 2022-2023, just under half the total amount the government spends on benefits. Office for Budget Responsibility thinks this will grow to £124bn in 2023-2024. Depending on their overall income, those above retirement age may also be entitled to Pension Credit.