State pension triple lock update as Rachel Reeves makes huge statement | Personal Finance | Finance

Rachel Reeves has ruled out scrapping the triple lock in this Parliament, in a win for state pensioners. Addressing the Treasury Committee this morning, the Chancellor confirmed the policy will remain in place until at least 2030. 

Under the «triple lock» guarantee, the state pension rises each April in line with the highest of three measures: average earnings growth between May and July, CPI inflation in September, or 2.5%. However, high inflation over the past few years has pushed annual increases up by a larger percentage than usual. The Office for Budget Responsibility’s (OBR) latest fiscal risks and sustainability report, published in the summer, estimates the annual cost of maintaining the triple lock could reach £15.5billion by 2030, three times higher than the OBR’s original estimate.

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