Queen's Speech: Triple lock guaranteed for five years

The government has pledged to keep the triple lock on state pension increases until 2020 and to leave pensioner benefits such as the winter fuel allowance untouched.

The measures, which were included in the Conservative Party manifesto, were announced in the Queen's Speech on 27 May. The Queen said: "My government will continue to secure the real value of the basic state pension so that more people can live in dignity and security in retirement." This means maintaining the triple lock, which was introduced by the previous coalition government, which ensures the basic state pension is increased by the highest of the growth in average earnings, prices inflation or 2.5%. This meant pensioners received a 2.5% increase in the basic state pension thi...