Labour's Wes Streeting has confirmed the government's commitment to the State Pension triple lock system. Speaking at the Labour Party Conference in Liverpool on Monday, September 28, the Defence Secretary said Labour is committed to the pensions triple lock.
Asked whether it was "right to look at the triple lock" to support defence and social care spending, Mr Streeting told Sky News that the manifesto "was clear on this" and Labour are committed to the triple lock. He added: "And (Prime Minister) Andy Burnham has been clear that we are standing by our manifesto. So, I hope that's clear."
What is the triple lock?
The triple lock, introduced in 2010, promises the State Pension will rise each year by whichever is highest: inflation, average earnings growth or 2.5%. Streeting's comments suggest the triple lock will not be scrapped before an election.
Cost of the State Pension
However, the triple lock is expensive for the nation as increases are secured annually. Even if the amount surges in one particular year, it would still be required to rise again the following year.
The State Pension alone is forecast to cost about £146bn in 2026/27, with total spending on pensioner benefits put at around £169bn. Costs are expected to rise as the population ages and more people reach State Pension age.
