Elderly in line for increase in pensions payments next year as triple lock returns

THE elderly will be in line for a bumper ten per cent increase in pensions payments next year as the triple lock returns. Work and Pensions Secretary Therese Coffey hinted pensioners will be set for an increase that matches soaring inflation. But she added it would be a “measured approach” meaning a £18.50 increase to […]

THE elderly will be in line for a bumper ten per cent increase in pensions payments next year as the triple lock returns.

Work and Pensions Secretary Therese Coffey hinted pensioners will be set for an increase that matches soaring inflation.

Reuters

But she added it would be a “measured approach” meaning a £18.50 increase to around £203.65 a week.

And she said her decision will be made later.

The triple lock means payments rise by whichever is highest — earnings, inflation or 2.5 per cent.

The 2022 rise was just 3.1 per cent after the triple lock was scrapped following the pandemic.

Dr Coffey told the BBC: “We’re going back to our policy of the triple lock.

“I do recognise the average income of pensioners is very low.”