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Written question asked by Baroness Altmann (Non-affiliated) on Tuesday, 15 September 2026, in the House of Lords. It was due for an answer on Tuesday, 29 September 2026. It was answered by Baroness Sherlock (Labour) on Wednesday, 23 September 2026 on behalf of the Department for Work and Pensions.

State Retirement Pensions: Uprating

Question

To ask His Majesty's Government what assessment it has made of the savings to the Treasury over the next 10 years of (1) dropping the 2.5 per cent element of the triple lock on pensions, and (2) only uprating the equivalent of the basic state pension's value by the triple lock each year, with the remaining state pension payments uprated by prices.

Answer

An assessment of dropping the 2.5% element of the Triple lock on pensions and only uprating the equivalent of the basic state pension's value by the triple lock each year, with the remaining state pension payments uprated by prices, would incur disproportionate cost.

The Office for Budget Responsibility assume long-term annual growth rates for the following economic determinants: Consumer Price Index (2.0%), Average Earnings (3.75%) and ‘Triple Lock’ (4.31%).

Source: OBR Long-term economic determinants - March 2026 Economic and Fiscal Outlook

Secondary information

Type
Written question
Reference
HL3517
Session
2026-27
Subjects
State retirement pensions Uprating
Contains statistics
Yes
Link
View this Written question on www.parliament.uk