NPC urges Chancellor to keep triple lock

The National Pensioners’ Convention is urging Chancellor Jeremy Hunt to keep the triple lock rise on state pensions to save millions from falling into poverty.


The UK’s largest campaign group run for and by older people was alarmed to hear the new Chancellor refuse to commit to bringing back the triple lock next spring. During questions by MPs on the government’s mini-budget U-turn yesterday (17th), Mr Hunt revealed the measure to protect pension increases is one of the cost-saving benefit cuts he is considering.


NPC warns Chancellor that he will condemn millions to poverty if he axes pensions triple lock


The Conservatives committed in their 2019 manifesto to maintaining the so-called triple lock, which rules that the state pension must rise in line with whichever is highest - inflation, average earnings or 2.5%. If the triple lock is reinstated in April, it would allow pensions to potentially rise by more than 10%.


Former Chancellor Rishi Sunak suspended the measure during the pandemic, but Prime Minister Liz Truss vowed she would honour the triple lock commitment during this summer's Tory leadership race.

Commenting on Mr Hunt’s announcement, NPC General Secretary Jan Shortt said: “The new Chancellor Jeremy Hunt’s refusal to confirm whether he will give pensioners the full value of inflation under the triple lock is extremely concerning for the NPC. We are already struggling with the cost of living crisis – it will be disastrous if the triple lock is not reinstated next spring.


“It is well documented that older people spend a larger percentage of their fixed income on energy and therefore have to cut spending on other essentials such as food.


“Over two million older people are living in poverty and as this crisis gathers pace, with bankers having bonuses restored and higher mortgage rates doing nothing to relieve the worry of those on fixed and low incomes, we will see more poverty and an increase in winter deaths.”


“The value of the state pension has eroded over decades despite the overtures of the Pensions’ Minister that we are protected.


“Our spending power has decreased and the 3.1% rise in pensions in April 2022 was immediately swallowed up by energy prices and inflation across a range of essentials.”


ENDS


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NEWS - Pensions Triple Lock - Chancellor must save it
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