Retirees can expect bumper payments over the coming years
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State pensioners can expect to be £1,900 better off over the coming years, Government ministers say.
The triple lock policy, which guarantees a state pension increase every 12 months, means retirees will get bumper payments.
It comes amid growing discussion over the triple lock and whether it will remain in place in future.
READ MORE: Rachel Reeves to ‘punish’ state pensioners with small private pensions
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Labour has committed to keeping the triple lock in place for the entirety of the current Parliament, likely to be 2029.
Officials say that means the pension is likely to rise by up to £1,900 by then.
The new state pension, claimed by everyone who retired after April 2016, will be going up by £575 in April, Chancellor Rachel Reeves has confirmed.
This is the first of the increases to come over the next few years.
The triple lock ensures the state pension rises by whatever is highest out of inflation, wage growth and 2.5%.
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Baroness Sherlock, DWP minister, said earlier this year: “Our commitment to the triple lock for the entirety of this Parliament means that spending on people’s state pensions is forecast to rise by over £31 billion.
“As a result, the yearly state pension will have increased by up to £1,900 by the end of the Parliament.
“Protecting the triple lock, even in the current economic climate, shows our commitment to pensioners.”
Senior Conservative figures have suggested there may need to be changes to the triple lock in future, with some economists arguing it is unsustainable.
Keir Starmer said recently: “Contrast our approach with the Leader of the Opposition (Kemi Badenoch) who says the minimum wage is a burden, and she wants to means test the state pension.”