Pensions Triple Lock

Graeme Downie Excerpts

Tuesday 13th October 2026 Commons Chamber

[Pat McFadden]

On the relationship to average earnings, in future years the gains from almost 20 years of the triple lock by the time we get to April 2030 will be locked in. The difference will be that, instead of outpacing average earnings as the current system does, the state pension will be linked to the level of average earnings that it reaches in April 2030.

On my hon. Friend’s second point, this is a new settlement which guarantees a rising state pension every year but, over time, also releases funds for one of the biggest issues facing the country. I think the Prime Minister deserves credit for facing up to this issue. His criticism of politics, which is merited, is that difficult long-term issues have too often been ducked, which has left them to fester unresolved. In putting forward this new settlement, he is ensuring not only security for pensioners’ incomes but a means of tackling this issue.

[Graeme Downie (Dunfermline and Dollar) (Lab)]

As one of the people on the Labour Benches to call six months ago for a look at an adjustment of the triple lock, I can confirm that many of the people who approached me after I wrote about that were from the Opposition, saying that they wished their own party had had the courage to say the same thing. I thank the Secretary of State for his statement today, and for the bravery to tackle those tough problems that he rightly speaks about. When he talks about a new settlement for older people on how to future fund and reduce pensioner poverty at the same time, which is absolutely to be welcomed, will he also update us on the suggestion for a new settlement for younger people to ensure that they have the opportunities they deserve, so that they can benefit from the current system and indeed pay into it as well?

[Pat McFadden]

My hon. Friend probably heard from a great many Tories who agree that change is needed. Perhaps he even heard from the Leader of the Opposition’s Parliamentary Private Secretaries, who have both called for change in the system, to add to the tally on the file beside my porridge. This is a new settlement for pensioners, as I have said. It still ensures a rising state pension every year, but it enables us also to face up to the long-term issue of social care.