‘Better news!’ Triple lock to provide boost but pensioners urged to secure extra £3,300

Pension Credit: Expert discusses those not claiming benefit

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State pension payments are often considered vital to retired people, but many have had to deal with changes in the last year. The triple lock – the measure by which the state pension is usually increased – was temporarily scrapped, leaving many pensioners dissatisfied.

However, yesterday it was confirmed the triple lock would be making a return next year. 

It is likely pensioners will see their sum rise by over 10 percent, as inflation has been predicted by the Bank of England to increase to 11 percent by the end of the year.

While this could be good news for many retired people, an expert has warned Britons should be taking further action.

Many low income pensioners could be able to secure a benefit worth £3,300, according to DWP figures, which could help them with finances while they wait for the triple lock to kick back in.

Henry Tapper, Chair of Pension Playpen, said: “The news that inflation is running at over nine percent means that pensioners are running with a real pay cut of six percent this year.

“Better news is on its way as the Treasury confirms that it will reinstate the triple lock, but that won’t be until April next year.

“Meanwhile many pensioners will be in increasing poverty. If you are struggling and over 66, or if you know someone who is, call the Pension Credit helpline.

“Pension Credit is reckoned to be worth £3,000 per year, but it’s also the door to more help from the Government.”

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Pension Credit is often described as a gateway benefit, as it opens low income Britons up to a range of support.

This includes assistance with housing costs and heating, council tax discounts and a free TV licence for over 75s. 

The triple lock usually sees pensions rise each year by whichever is the highest out of 2.5 percent, inflation or average earnings.

However, warped earnings data due to COVID-19 this year, caused the Government to put the policy on hold. 

It was deemed unaffordable, and unfair to the working taxpayer, and the earnings measure was ditched.

It meant state pensions rose by 3.1 percent, in line with the inflationary figure recorded in September 2021.

Understandably, many pensioners are pleased to see a return to the policy, especially one which could grant them double digit increases in terms of percentage.

However, the decision to reimplement the triple lock has come under some scrutiny, given current strikes over pay rises failing to meet inflation.

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A spokesman from Number 10, however, defended the decision given the temporary double lock implemented this year.

He told reporters: “It is always about striking the right balance when it comes to making sure that we reward our public sector workers fairly, whilst also not doing anything that is irresponsible with the public finances more broadly.

“The Chancellor needs to consider this all in the round and I think the view is that we can meet that commitment without stoking inflationary pressures.

“But you know, we did take difficult decisions with regards to the triple lock with a temporary one year suspension.”

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