Sunak ‘to do what’s right’ retirees told ahead of triple lock verdict

The triple lock guarantees the state pension rise in line with whichever is highest of 2.5 percent, wages and inflation. New Prime Minister Rishi Sunak has been asked if he would commit to the policy, which was suspended last year.The Prime Minister’s press secretary said: “That is something that is going to be wrapped up into the fiscal statement, we wouldn’t comment ahead of any fiscal statements or budgets.”But what I can say is he has shown through his record as chancellor is that he will do what’s right and compassionate for the most vulnerable.”His predecessor, Liz Truss, said she was committed to the policy but her recent departure has thrown the issue up into the air again.Around 12.5 million people who receive the state pension could face a real-terms cut in earnings if their payments do not rise in line with soaring inflation, which is currently at around 10 percent and is expected to keep rising.READ MORE: Half a million pensioners to miss out on state pension rise due to where they live Reinstating the triple lock could mean a large boost to the state pension next year (Image: GETTY)Any increase would come into effect from April 2023 meaning pensioners who rely on the state pension face a difficult winter of rising bills before their payments increase.If the triple lock returns, the new full state pension would rise to £203.85 a week, the first time it has gone above £200.Laura Suter, head of personal finance at AJ Bell, said the Government needs to provide clarity to pensioners hit by the cost of living crisis.She said: ‘Pensioners need clarity from the new prime minister over what the state pension is likely to rise by next year, so they have the certainty to plan ahead of a difficult winter.DON’T MISSBuy £9,000 of state pension for £800 – ‘staggering’ 1,000% returnMillions could be missing out on benefit worth £3,624 a yearNorton warns shoppers to be vigilant as online scams riseChancellor Jeremy Hunt said this morning: “I want to confirm that it will demonstrate debt falling over the medium term which is really important for people to understand.”But it’s also extremely important that that statement is based on the most accurate possible economic forecasts and forecasts of public finances.”And for that reason the Prime Minister and I have decided it is prudent to make that statement on November 17 when it will be upgraded to a full autumn statement.”