Peter Gibson MP has welcomed confirmation that the Government will keep the Pension Triple Lock in place.
This decision honours the commitment made in the Conservative manifesto during the 2019 election and means that until the end of this Parliament, the state pension will rise by whichever is highest of 2.5 per cent, average wage growth, or inflation.
This commitment forms part of the Government’s continued support for pensioners with the cost of living. Since 2010, the full yearly amount of the basic State Pension has risen by over £2,300, in cash terms.
That is £720 more than if it had been uprated by prices, and £570 more than if it had been uprated by earnings.
As part of the Government’s £37 billion cost of living support package, pensioners will receive a £650 cost of living payment this year, as well as a one-off Pensioner Cost of Living Payment of £300 – in addition to the wider support also available.
Commenting Peter Gibson MP said: “I am delighted today to hear the Government make the commitment to the triple lock, I know that this will be welcome news to pensioners right across Darlington and the North East”
