- Posted by: Valerie Vaz MP
- Category: News
On Monday 15 November 2021 the House voted on the Lords’ amendment to the state pensions triple lock. The House of Lords amendment to the Social Security (Up-Rating of Benefits) Bill would have ensured that the triple lock for older people is reinstated. This was a promise made by the Government as a result of the pandemic on pensioners amid rising bills and inflation.
The triple lock guarantees that the basic state pension will rise annually by either the average earnings growth, the rate of inflation, or a minimum of 2.5 per cent – whichever one of the three is the highest. The Centre for Economics and Business Research (CEBR) estimates that scrapping the Government’s promise to reinstate the triple lock will leave pensioners £169 worse off. This is disappointing for older people as it will mean that state pension will rise by 3.1% next April even though inflation is forecast at 4%.
I voted to keep the triple lock. Sadly, the vote passed in favour to remove it: Ayes – 300 and Noes – 229.