DWP confirms new Pensions Minister ‘fully committed’ to State Pension Triple Lock uprating policy
New Pensions Minister Torsten Bell is “fully committed” to the State Pension Triple Lock policy that determines the annual payment uprating, despite having previously criticised it and called for it to be ditched, a frontbench Labour colleague has insisted. The Swansea West MP took up his new role at the Department for Work and Pensions (DWP) last week.
Baroness Sherlock said comments made by Mr Bell in the past had been as “a private individual” when he was boss of a think tank. On Tuesday, the Labour peer moved to reassure the House of Lords on the future of the Triple Lock after it emerged that when head of the Resolution Foundation, Mr Bell had branded the policy “messy”, “rubbish” and called for a replacement.
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It comes after Conservative leader Kemi Badenoch sparked controversy by suggesting the party may consider means-testing State Pensions, leading to accusations she wanted to weaken the Triple Lock.
Under the Triple Lock, the New and Basic State Pensions increase each year in-line with whichever is the highest between the average annual earnings growth from May to July, CPI in the year to September, or 2.5 per cent. It is aimed at preventing the value of the State Pensions being whittled away by cost of living pressures.
When asked by Lord Dodds of Duncairn whether the DWP has “any plans to change the Triple Lock guarantee for State Pensions”, Lady Sherlock replied: “Our commitment to the Triple Lock for the entirety of this Parliament means that spending on people’s State Pensions is forecast to rise by over £31 billion. As a result, the yearly State Pension will have increased by up to £1,900 by the end of the Parliament.”
She added: “Protecting the Triple Lock, even in the current economic climate, shows our commitment to pensioners.”
Pressing the minister further, the former DUP deputy leader said: “Does she understand the concern that there may be among many recipients of the State Pension concerning the long-term future of the Triple Lock given a number of recent developments.
“First, the appointment of a Pensions Minister who has described the Triple Lock as ‘silly’, as ‘messy’, as something that needs to be replaced.
“And then we have the leader of the opposition who said last week that her party wants to explore greater means-testing of government support and that has given rise to some speculation on this issue.”
He continued: “Many pensioners have already suffered as a result of the loss of the winter fuel allowance, which came completely out of the blue, it was not in manifesto.
“And given the level of State Pension in the UK is one of the lowest in the developed economies of the world relative to average earnings, can the minister give a long-term commitment on the Triple Lock that as long as her party is in power it will remain?”
Lady Sherlock replied: “I am certainly not going to answer for the leader of the opposition.”
She added: “We have a manifesto commitment that the Triple Lock will hold for the entirety of this Parliament. That is a huge commitment.”
She went on: “In relation to my colleague the minister for pensions Torsten Bell, the comments that he made were made obviously when he was a private individual and the head of a think tank and the heads of think tanks, it’s their job to think big ideas and to talk about them.
“However, I can assure the House that minister Bell, along with me, is fully committed to the Triple Lock and the Government’s commitment to it and I hope the nation’s pensioners will be delighted to hear that as a result.”
Liberal Democrat Baroness Janke said: “Does the minister agree that to abandon the Triple Lock guarantee would plunge the poorest of pensioners into even deeper poverty and inflict hardship on many others who do not have the security of generous additional pensions?”
Lady Sherlock said: “This Government is committed to the Triple Lock for the entirety of this Parliament and I am glad to be able to confirm that again today.”
Labour former minister Lord Foulkes of Cumnock said: “Her confirmation today that the Labour Government will keep the Triple Lock for the whole of the Parliament is the best news for pensioners.”
State Pension payments 2025/26
The DWP has published the full list of State Pension and benefit uprated payments on GOV.UK here, which also includes additional elements such as the deferred rates, which are rising by 1.7 per cent (September Consumer Price Index inflation rate).
Full New State Pension
Weekly payment: £230.25 (from £221.20)
Four-weekly payment: £921 (from £884.80)
Annual amount: £11,973 (from £11,502)
Full Basic State Pension
Weekly payment: £176.45 (from £169.50)
Four-weekly payment: £705.80 (from £678)
Annual amount: £9,175 (from £8,814)
Future State Pension increases
The Labour Government has pledged to honour the Triple Lock or the duration of its term and the latest predictions show the following projected annual increases:
2025/26 - 4.1% confirmed, the forecast was 4%
2026/27 - 2.5%
2027/28 - 2.5%
2028/29 - 2.5%
2029/30 - 2.5%
Recent analysis released by Royal London revealed only around half of people receiving the New State Pension last year were getting the full weekly amount - and around 150,000 were on less than £100 per week.
The DWP will issue letters to all 12.9m State Pensioners in March telling them their new payment rates. This letter also encourages older people to check if they are eligible for Pension Credit.
