The Prime Minister Liz Truss MP today gave a clear commitment to “protect the triple lock on pensions” during PM Questions in the House of Commons.
The announcement came shortly after it was confirmed that CPI inflation soared to 10.1% in September. Prices are now rising at the fastest rate for 40 years.
The triple-lock ensures that the basic State Pension rises in line with the greater of: CPI inflation; average earnings; or 2.5%. This means that the basic and new State Pension will rise by 10.1% from the beginning of the new Tax Year in April 2023.
CSPA General Secretary, Lisa Ray wrote to the new Chancellor Jeremy Hunt MP yesterday pointing out that the State Pension had fallen behind in value following the Government’s suspension of the triple-lock when the State Pension rose by only 3.1% while average earnings were 8.3% and inflation in April was 9%. “It is imperative that both the State Pension and Civil Service pension increase in line with inflation to protect their value.”
A copy of the General Secretary’s letter can be downloaded here.
