The Prime Minister, Liz Truss, has reiterated the government’s commitment to maintain the state pension triple lock, after speculation that the initiative could be in jeopardy.

Commenting in the House of Commons, Truss responded to a query from Scottish National Party Westminster Group Leader, Ian Blackford, asking whether the Prime Minister would "commit to raising the state pension at the rate of inflation".

In response, Truss stated: "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."

Recent comments from the new Chancellor, Jeremy Hunt, had prompted uncertainty over the future of the state pension triple lock, with industry experts suggesting that there could be a “genuine tussle” between politics and ensuring the sustainability of public finances.

Indeed, industry experts also warned that the government could be required to make difficult decisions around the triple lock, after the latest inflationary figures, published today (19 October), revealed that the Consumer Prices Index had increased by 10.1 per cent, which would result in a record state pension increase.

Hargreaves Lansdown senior pensions and retirement analyst, Helen Morrissey, suggested that the announcement will come "as a huge relief to pensioners who have been banking on an inflation linked increase after their budgets have come under intolerable pressure in recent months".

She continued: "The Prime Minister had said she would keep the triple lock several times during her leadership campaign, but there were concerns that when faced with a gap in public finances the new Chancellor might be tempted to shelve an inflation-linked increase.

"After such a trying time, pensioners need certainty about how their state pension will be uprated, and there still may be worries that given the pace of u-turns we have seen, this latest promise can’t be guaranteed.

"Longer term we may well see calls to reform the triple lock increase, but any such reform will need to happen alongside consideration of how state pension age is due to be increased.

"A review on this issue has been submitted to government and is due to be published next year. Any changes to the triple lock will need to take its findings into account.”

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