State pension: Britons hit back as Rishi Sunak ‘proud’ of state pension double lock | Personal Finance | Finance

State pensioners will this year see the familiar triple lock mechanism temporarily suspended. It has been confirmed a 3.1 percent increase will be implemented, after fears the triple lock would be unaffordable. Under the usual policy, the state pension increases annually by whichever is the highest out of 2.5 percent, inflation or average earnings.

However, with the sum predicted to rise by 8.3 percent, the Government intervened.

During Treasury Questions in the House of Commons on Wednesday, the Chancellor addressed the cost of living for pensioners.

Conservative MP Derek Thomas questioned Mr Sunak on how the situation will be monitored by the Government going forward.

Mr Sunak replied: “My Honourable friend is right to highlight pensioners and their needs.

READ MORE: State pension: UK has ‘most rapidly’ rising retirement age in Europe

A DWP spokesperson previously told Express.co.uk: “We want pensioners to receive all the support to which they are entitled. 

“Our winter fuel payments are supporting over 11 million pensioners with their energy bills and we are continuing to encourage those eligible for Pension Credit, and the wide range of other benefits it can provide, to make a claim. 

“The one-year move to temporarily suspend the triple lock ensures fairness for both pensioners and taxpayers. 

“Combined with last year’s 2.5 percent increase to pensions – a step we took when earnings fell and inflation barely rose – we have ensured pensioners’ incomes have been protected.”