DWP minister Torsten Bell confirms the triple lock policy will remain in place, delivering significant state pension increases including 4.8% this April

A senior DWP minister has addressed the future of the triple lock policy, which is set to boost payments by 4.8 per cent from April.

The mechanism guarantees the state pension rises each April in line with whichever is highest: inflation, average earnings growth, or 2.5 per cent. DWP minister Torsten Bell recently appeared before the Work and Pensions Committee to discuss various matters concerning retirement and pension provision.

Among the questions posed was whether he believes the Government should maintain the triple lock. The policy has delivered substantial increases in payments in recent years, including a record 10.1 per cent rise in April 2023, driven by soaring inflation the previous year.

Pensioners subsequently benefited from an 8.5 per cent uplift the following year, matching the growth in earnings. The escalating cost of the state pension prompts questions about how long the triple lock will remain viable and whether ministers will need to adopt a framework with more modest increases.

Mr Bell responded: “We are going to be keeping the triple lock, yes, through this Parliament.” When pressed about the longer term and whether the policy would require modification, he simply stated: “A manifesto is a manifesto,” reports the Express.

Labour committed during its General Election campaign to preserving the triple lock throughout this Parliament. This will raise payments by 4.8 per cent this April, increasing the full new state pension from £230.25 a week to £241.30 a week, or £12,548 annually. The full basic state pension will rise from £176.45 a week to £184.85 a week, or £9,612 annually. Mr Bell also told the committee: “The Government’s revealed objective is that we want to see a slightly higher level of the state pension relative to earnings, which is being delivered by the maintenance of the triple lock over the course of this Parliament.

“That is the £30 billion increase in state pension expenditure over the course of this Parliament.” Andrew Prosser, head of Investments at investment platform InvestEngine, discussed how the triple lock could become too expensive for the Government.

He said: “The triple lock may become unaffordable if pension payouts rise faster than Government revenue, particularly as the population ages and life expectancy increases. Analysts suggest this could become a significant strain over the next decade, forcing policymakers to review or amend the system to balance cost and fairness.”

He encouraged people to check whether they have any gaps in their National Insurance (NI) records that they can voluntarily fill, which could boost their state pension payments. You generally need 35 years of NI contributions to receive the full new state pension and 30 years of contributions to receive the full basic state pension.