PRIME Minister Liz Truss has said she and her Chancellor remain “completely committed” to the triple lock on pensions. 

Truss told MPs on Wednesday that she would be increasing pensions in line with inflation, which currently stands at 10%. 

Reports suggested ministers were considering ditching the plans amid the economic turmoil in the wake of the mini-Budget.

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Truss’s commitment to the policy came amid calls from the SNP’s Westminster leader Ian Blackford for the Prime Minister to “commit to raising the state pension at the rate of inflation”. 

Here’s everything you need to know about the triple lock. 

What is the triple lock? 

The triple lock is a UK Government commitment which is used to decide how much state pensions will increase in the new tax year. The next tax year is set to begin in April 2023. 

It states that people’s pensions will increase in line with whichever of three measures is highest. 

These are consumer price inflation, average wage growth, or 2.5%. 

Are pensions set to increase? 

Consumer price inflation rose by 10.1% in September according to the Office for National Statistics (ONS). 

This is the most recent measure although it could rise even higher by April 2023. 

So long as the triple lock is kept, state pensions look set to rise with inflation because the average wage growth in September was far lower at 5.5%. 

The Bank of England recently estimated that inflation will peak at around 13% by the end of this year and will continue at “elevated levels” through 2023.

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If pensions rose in line with earnings, the new weekly state pension would be £195.35 per week. 

However, if it rose with inflation at 10.1%, it would be £8.50 per week higher at £203.85. 

Will the triple lock be scrapped? 

Despite Truss’s previous commitment to the triple lock, there were some indications that it could have been ditched as new Chancellor Jeremy Hunt searches for ways to resolve the turmoil caused by the mini-Budget. 

However, speaking in the Commons on Wednesday, Truss said: “We have been clear in our manifesto that we will maintain the triple lock and I am completely committed to it – so is the Chancellor.”