Millions of pensioners will not see their state pension rise in line with the triple lock next April, with around half a million receiving only an inflation-linked increase on part of their payment.
The triple lock, introduced in 2011, ensures state pensions increase each April by the highest of average earnings growth, inflation, or 2.5 per cent. For 2024, average earnings growth is expected to be higher than inflation, which is set to come in at around 3.9 to 4 per cent in September.
However, retirees receiving the additional state pension—known as SERPS (State Earnings-Related Pension Scheme) or state second pension—will see that portion rise only with inflation. Similarly, those with a protected payment under the new state pension will also get only an inflation-linked increase on that part.
Government data show just over 6.9 million people are drawing from SERPS, and more than one million receive protected payments. These groups will not benefit from the full triple lock uplift on their entire pension.
Steve Webb, partner at pension consultants LCP and former pensions minister, said: 'One of the first steps in any retirement planning is to find out what state pension you are going to get. Checking your forecast also enables you to spot any errors in your NI record and get them fixed.'
The shortfall means many older people will see a smaller overall rise than the headline triple lock figure, adding to concerns over pensioner incomes.
