New Pensions Minister Torsten Bell reaffirms commitment to State Pension Triple Lock despite past criticism. Baroness Sherlock clarifies Bell's past comments were made as a private individual. Government pledges to uphold Triple Lock for the duration of its term.
New Pensions Minister Torsten Bell has reaffirmed his commitment to the State Pension Triple Lock policy, despite previous criticism of the policy. Baroness Sherlock , a Labour colleague, clarified that Mr. Bell's past comments, made while he headed the Resolution Foundation think tank, were expressed as a private individual. She emphasized that Mr. Bell, now in his role at the Department for Work and Pensions (DWP), is fully dedicated to upholding the Triple Lock.
The Triple Lock guarantees annual increases in the New and Basic State Pensions, ensuring they either rise with average earnings growth, the Consumer Price Index (CPI) inflation rate, or 2.5 percent, whichever is highest. This safeguard aims to protect pensioners from the erosion of their income due to rising living costs. Baroness Sherlock assured the House of Lords that the Labour Government is committed to the Triple Lock for the duration of its current term, forecasting an increase in State Pension spending of over £31 billion. This commitment is expected to result in yearly increases of up to £1,900 for state pensions by the end of the Parliament. Conservative leader Kemi Badenoch's recent suggestion of means-testing State Pensions sparked concerns about the future of the Triple Lock. However, Baroness Sherlock dismissed these concerns, stating that the Labour Government's manifesto clearly pledges to maintain the Triple Lock throughout its term. She acknowledged the anxieties of pensioners regarding the Triple Lock's future, particularly in light of Mr. Bell's previous criticisms and the Conservative Party's potential exploration of means-testing. She emphasized that Mr. Bell's past comments were made in his capacity as a think tank head and should not be interpreted as a reflection of his current position. Baroness Sherlock reassured the House that both she and Mr. Bell are fully committed to upholding the Triple Lock policy. The Triple Lock has received bipartisan support, with Labour former minister Lord Foulkes of Cumnock praising the government's commitment to maintain it for the entire Parliament. The DWP has also published a comprehensive list of State Pension and benefit uprated payments on GOV.UK, including details on deferred rates, which are rising by 1.7 percent (September Consumer Price Index inflation rate).
STATE PENSIONS TRIPLE LOCK LABOUR GOVERNMENT CONSERVATIVE PARTY BARONESS SHERLOCK TORSTEN BELL
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