Morgan Vine, Head of Policy and Influencing at Independent Age, said: 

“As prices continue to soar, the triple lock is essential to ensure that everyone has more financial security when they reach State Pension age.  

“This year, pensioners have faced a real terms cut. The State Pension increased by just 3.1% despite inflation reaching over 9% in May and is set to continue rising. The impact of this cannot be ignored - we’ve heard from too many older people who are skipping meals and living in cold and dark homes, because the extra money is simply not there to buy food and cover the rising bills.    

“Ensuring the State Pension rises with the cost of living will not only support current pensioners but also working age people who will be future pensioners. Research has shown that getting rid of the triple lock now could double the amount a low paid young worker needs to save to avoid poverty in older age. 

“While the temporary cost of living measures announced by the government last month will ease some short-term worries, longer-term policies like the triple lock are vital to protect everyone’s finances in later life. We are pleased to see the government honour their promise to reinstate it.” 

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