The triple-lock means that, even if inflation falls, pensioners will still get a payrise
In April this year, 12 million pensioners received an 8.5 per cent rise in their state pension payments. Meanwhile people claiming DWP benefits received a 6.7 per cent rise, matching inflation.
This week it was announced that the Consumer Prices Index inflation slowed to 2.3 per cent in April, down from 3.2 per cent in March - the lowest level since July 2021 when inflation was recorded at 2 per cent, which is the Bank of England's target level. He said: “For the April 2024 increase, earnings growth in 2023 produced an inflation-busting 8.5 per cent increase. In April 2023, a spike in inflation the previous year led to a record-breaking 10.1 per cent boost to the State Pension.
“The specific figure used for determining the triple lock will be the year-on-year increase in earnings for the period ending May to July 2024, which will be published in September. Barring a significant drop in earnings growth over the next few months, this figure will likely determine next year’s triple lock.”
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