Pensioners set for 8 per cent boost as Rishi Sunak sticks to triple lock pledge

The triple lock, which was introduced by David Cameron, ties state pension increases the highest of average earnings, prices or 2.5 per cent.

The latest Consumer Price Index revealed UK inflation dipped last month to 6.8 per cent.

However, pensioners could pocket even more cash as annual growth in employees’ average total pay stood at 8.2 per cent, including bonuses.

The figure was still at 7.8 per cent between April and June when bonuses were excluded.

Sunak told ITV News: “Yes, I always seem to get asked this in the summer, of course the Government is committed to its policy on the triple lock.

“Now there is a statutory, a legal, process for determining the increase in pensions and benefits that happens in the autumn and that's where those final decisions are made.”

When asked about whether he was comfortable with the increases, the Prime Minister added: “No, I think the most important thing is that we continue to bring inflation down more generally right.

“But while inflation is higher than we'd like, I also believe it's right to step in and help people with the pressures that it brings.

“That's why the Government has paid around half of the typical family's energy bill.

“I think they probably haven't - people haven't quite appreciated the scale of that support.

“It's on a scale like furlough was, actually, and if you think about it in terms of what they want its cost, a typical family has received about £1,500 of help without maybe realising it on their energy bill.”

Former Pensions Minister Steve Webb warned Chancellor Jeremy Hunt would likely need to find an extra £2billion to cover pensions compared to what he anticipated in March.

The Chancellor’s spring Budget anticipated a 6.2 per cent hike.

The Government previously suspended the triple lock amid fears of an eight per cent increase in 2022.