Question to the Department for Work and Pensions:

To ask His Majesty's Government what assessment it has made of the savings to the Treasury over the next 10 years of (1) dropping the 2.5 per cent element of the triple lock on pensions, and (2) only uprating the equivalent of the basic state pension's value by the triple lock each year, with the remaining state pension payments uprated by prices.

An assessment of dropping the 2.5% element of the Triple lock on pensions and only uprating the equivalent of the basic state pension's value by the triple lock each year, with the remaining state pension payments uprated by prices, would incur disproportionate cost.

The Office for Budget Responsibility assume long-term annual growth rates for the following economic determinants: Consumer Price Index (2.0%), Average Earnings (3.75%) and ‘Triple Lock’ (4.31%).

Source: OBR Long-term economic determinants - March 2026 Economic and Fiscal Outlook