Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether it is his policy to maintain the triple lock on pensions.

The Government is committed to ensuring that older people are able to live with the dignity and respect they deserve.

Since 2010, the State Pension has been uprated by the highest of average earnings growth, price inflation or 2.5% - an approach known as the Triple Lock. The value of the State Pension is £1,903.20 a year higher than it was in 2010. In total, the Government will spend around £100 billion on the State Pension, and close to £127 billion on overall benefits for pensioners in 2020-21.

The Government provides support for older people, such as Winter Fuel Payments, free eye tests and NHS prescriptions, and free bus passes. The Government also provides Pension Credit for pensioners with low incomes. Pension Credit is an income-related benefit paid out of general taxation and targets help at the poorest pensioners who, for whatever reason, have been unable to save for their retirement.

With regards to the future of the Triple Lock, as with all aspects of Government policy, any decisions on future changes will be taken as part of an annual Budget process in the context of the wider public finances.