New calls for State Pension Triple Lock to be ‘honoured in full' ahead of uprating announcement next month
dailyrecord.co.ukA new online petition is calling on the UK Government to ‘honour the Triple Lock in full in April 2024’ ahead of the annual State Pension uprating announcement to be made during the Autumn Statement next month.
Under the Triple Lock policy, the State Pension increases each year in line with whichever is the highest between average annual earnings growth from May to July (currently 8.5%), CPI inflation in the year to September (currently 6.7%) or 2.5 per cent.
Speculation has been mounting in recent weeks that the UK Government may make changes to the Triple Lock to curb ever-increasing costs of the State Pension and opt to use the lower wages growth figure of 7.8 per cent instead of the 8.5 per cent.
However, petition creator Garry Graham is calling for the policy to be honoured in full to “keep pensioners' total incomes from falling too far below inflation”.
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