Department of Work and Pensions Secretary Liz Kendall has made an announcement on the future of the state pension Triple Lock as pensioners get a ‘pay rise’ today. Millions of pensioners will receive as much as £470 more a year added to their State Pension from today because of the pensions Triple Lock.

The Triple Lock – which guarantees that the State Pension increases annually by the highest of inflation, average earnings growth or 2.5% – means the basic and new State Pensions are increasing by 4.1%, well above the current level of inflation.

Work and Pensions Secretary Liz Kendall said: “Our ironclad commitment to the Triple Lock gives pensioners across the country the certainty and security they need to live a full life in retirement. We are putting more money in people’s pockets and driving up household income as part of our Plan for Change.”

Minister for Pensions Torsten Bell said: “Raising the State Pension and rescuing the NHS – these are this government’s priorities to give all pensioners the dignity they deserve in their retirement. Those who have worked hard throughout their lives, paying into the system, are owed nothing less.

“We’re improving the lives of millions of pensioners through our £7.84 billion additional funding for the State Pension this year. That means up to £470 extra in pensioners’ pockets from this week and comes alongside our work to boost Pension Credit uptake, and the £26 billion we’ve invested in the NHS that has seen waiting lists in England fall for 5 months in a row.

“Chancellor of the Exchequer Rachel Reeves said: “With today’s increase in working-age benefits, and our ironclad commitment to pensioners through the Triple Lock, we are making the decisions that support those who need it in Britain, putting money into people’s pockets and delivering our Plan for Change.”

The uprating of State Pensions comes alongside proposals for the biggest welfare reforms for a generation. Changes include making Winter Fuel Payments means tested last winter – which has seen 50,000 extra people apply for and gain Pension Credit since the summer – an increase of 64% compared to the same period last year.

Pension Credit is worth on average £4,300 a year and also unlocks support including help with Housing Costs, Council Tax and free television licenses.

New support also includes a £742 million extension of the Household Support Fund in England, from 1 April 2025 until 31 March 2026, providing support with the cost of essentials such as food, heating and bills.

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