Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether his Department have made an assessment of the potential impact of the Government's plans to abolish the Triple Lock on the living standards of people in receipt of the State Pension.

The Government is absolutely committed to supporting pensioners and giving them the dignity and security they deserve in retirement. We will honour our manifesto commitment to maintain the Triple Lock in its current form for the rest of this Parliament.

From April 2030, pensioners will be protected by an adjusted Triple Lock. The State Pension will rise every year by at least the higher of CPI inflation or 2.5%, and by more where needed to maintain its protected value relative to average earnings.

The adjustment will lock in the gains delivered by the Triple Lock, protect pensioners against inflation shocks and ensure that the State Pension keeps up with but does not outpace earnings growth. By putting a rising State Pension on a sustainable footing for today’s pensioners and future generations, we are supporting the living standards of those receiving the State Pension.

The adjusted Triple Lock forms part of a new settlement for older people: protecting a State Pension that rises every year while supporting a National Care Service providing free personal care and greater security in later life.