Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what estimate his Department has made of the effect of the planned adjustment to the triple lock from April 2030.on the value of the new State Pension.

From April 2030, the basic State Pension and the full rate of the new State Pension will rise each year by the highest of inflation (the rise in the consumer price index), 2.5% or the amount required to return or maintain the value of the State Pension relative to earnings at its April 2029

The adjusted Triple Lock will see the State Pension rise in line with average earnings over time, rather than consistently growing faster than wages.

The Triple Lock has protected pensioner incomes and brought the State Pension to a forecasted record-high value relative to earnings. However, the current mechanism means increases in the State Pension outstrip earnings growth over time, which is unsustainable in the longer term. The adjustment will lock in the gains already made while putting the State Pension on a sustainable footing.