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As a Government and a Party, we have consistently protected UK pensioners. That is why we introduced the ‘triple lock’ and committed to keep this in our 2019 manifesto. We have also acted to support people with their energy bills and made sure that vulnerable pensioners get the most generous support.
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We were all elected on the 2019 Conservative Party manifesto and will honour our commitment to keep the ‘triple lock’ on pensions.
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To put the public finances on a sustainable footing – we will publish a credible, transparent, fully costed plan to get debt falling as a share of the economy over the medium term on 31 October based on the judgements and forecasts of the independent OBR.
We are doing this by:
- Honouring our commitment to keep the triple lock in place. This means that until the end of the Parliament, the state pension will rise by whichever is highest of 2.5 per cent, average wage growth, or inflation. This delivers on the commitments we made in our 2019 manifesto and during the leadership contest.
We are supporting pensioners with the cost of living by:
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Increasing the state pension by over £2,000 since 2010. Since 2010, the full yearly amount of the basic State Pension has risen by over £2,300, in cash terms. That is £720 more than if it had been uprated by prices, and £570 more than if it had been uprated by earnings (Hansard, Written Question 54473, 11 October 2022).
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Delivering immediate cost of living payments. As part of our £37 billion cost of living support package, pensioners will receive a £650 cost of living payment this year, as well as a one-off Pensioner Cost of Living Payment of £300 – in addition to the wider support also available (Hansard, Written Question 54685, 22 September 2022).
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Protecting pensioners from rising energy bills this winter. The Energy Price Guarantee will protect millions of pensioners through a difficult winter, meaning they will not have to face bills of £6,000. Beyond April 2023, we will review the scheme to ensure it is targeted at those most in need (HM Treasury, News Story, 17 October 2022).
