Triple lock pension pledge suspended for one year

The government has confirmed a one-year suspension of the "triple lock" formula for annual state pension increases.

The move follows government concern that a big post-pandemic rise in average earnings would have meant pensions increasing by 8%.

Work and Pensions Secretary Therese Coffey said the average earnings component would be disregarded in the 2022-23 financial year.

Instead, the rise will be the consumer inflation rate or 2.5%.

"Tomorrow, I will introduce a Social Security Uprating and Benefits Bill for 2022-23 only," she told the Commons.

"It will ensure the basic and new state pensions increase by 2.5% or in line with inflation, which is expected to be the higher figure this year, and as happened last year, it will again set aside the earnings element for 2022-23 before being restored for the remainder of this Parliament."