Millions of older people on the State Pension are set for a big pay boost under the Triple Lock.
Sky News recently reported that one way Prime Minister Rishi Sunak might fund the State Pension Triple Lock uprating next April could be to remove the annual Winter Fuel Payment for most pensioners, with the exception of those on Pension Credit.
The Liberal Democrats were also quick to warn the Prime Minister against any move to scrap the Winter Fuel Payment, which is worth up to £600 this year as it includes the £300 pensioner cost of living payment. The party’s work and pensions spokesperson, Wendy Chamberlain, said it would be a “slap in the face for pensioners facing soaring energy bills this winter”.
If the UK Government chooses to uprate State Pensions using the lower wages growth figure next April, it would see millions of pensioners miss out on an extra £75 in 2024. The September CPI inflation figure will be announced by the Office for National Statistics on October 18 and is unlikely to be higher than the earnings growth figure of 8.5 per cent. Chancellor Jeremy Hunt will confirm the State Pension uprating during the Autumn Statement on November 22.
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