DWP confirms new Pensions Minister ‘fully committed’ to State Pension Triple Lock uprating policy

dailyrecord.co.uk:

New Pensions Minister Torsten Bell is “fully committed” to the State Pension Triple Lock policy that determines the annual payment uprating, despite having previously criticised it and called for it to be ditched, a frontbench Labour colleague has insisted.

The Swansea West MP took up his new role at the Department for Work and Pensions (DWP) last week.Baroness Sherlock said comments made by Mr Bell in the past had been as “a private individual” when he was boss of a think tank.

On Tuesday, the Labour peer moved to reassure the House of Lords on the future of the Triple Lock after it emerged that when head of the Resolution Foundation, Mr Bell had branded the policy “messy”, “rubbish” and called for a replacement.It comes after Conservative leader Kemi Badenoch sparked controversy by suggesting the party may consider means-testing State Pensions, leading to accusations she wanted to weaken the Triple Lock.Under the Triple Lock, the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, CPI in the year to September, or 2.5 per cent.

It is aimed at preventing the value of the State Pensions being whittled away by cost of living pressures.When asked by Lord Dodds of Duncairn whether the DWP has “any plans to change the Triple Lock guarantee for State Pensions”, Lady Sherlock replied: “Our commitment to the Triple Lock for the entirety of this Parliament means that spending on people’s State Pensions is forecast to rise by over £31 billion.