Honour the triple lock in full in April 2024
The NPC Is supporting the petition calling for the Triple Lock to be uprated in line with total wage growth and for it not to be tinkered with. We would encourage you to sign it and to also encourage your friends and family to sign it too.
The petition reads:
The Conservative party's manifesto promised to keep the triple lock. This increases state pension by the highest of inflation, wage growth or 2.5%. Headline wage growth was 8.5% in May to July 2023, but there is speculation that Government might use a lower figure. The full increase should apply.
The Government has already reneged on its manifesto when it legislated to increase state pensions by less than the triple lock in April 2022. The triple lock does not mean that pensioners' total incomes are increasing in real terms. It only applies to state pensions. Many workplace pension increases are capped at 2.5% or 5%. Annuities and Pension Protection Fund compensation are frozen for many. The triple lock helps keep pensioners' total incomes from falling too far below inflation.