Labour has claimed that its “commitment to the triple lock means that pensions increased by £900 this year alone”.

Evaluation

The increase of £900 per year came into force in April 2024, several months before Labour formed a government.

The facts

On April 9, 2024 the state pension was increased by 8.5%. That meant that someone receiving the full level of the new state pension saw their annual payments rise by £900.

This happened because of the so-called triple lock, a policy which ensures that the state pensions increase at the same rate as inflation or people’s earnings, or 2.5%, whichever of the three is higher.

The April 2024 hike was based on the earnings growth between May and July 2023, which at 8.5% was higher than CPI inflation.

Not all pensioners received the increase from £203.85 per week to £221.20 per week – a rise of £902.20 per year. That was only for those receiving the full new state pension, which is only available for those who reached the state pension age after April 6, 2016.

Those who get the full old-style basic state pension will see  a rise of £691.60 instead. In addition to this not everyone gets the full state pension.

Links

Post on X (archived)

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Gov.uk – Government reaffirms commitment to backing pensioners with £900 rise to state pension (archived)

UK Parliament – The triple lock: How will State Pensions be uprated in future? (archived)

Gov.uk – Benefit and pension rates 2024 to 2025 (archived)

Gov.uk – Your State Pension explained (archived)