00:00 The so-called triple lock, in conjunction with pensions, is designed to ensure pensioners
00:05 are able to afford rising prices or can keep pace with the increases in the working population's
00:10 wages.
00:11 By April next year, it's thought that the state pension is likely to rise by 8.5%, which
00:16 would be a weekly increase of £13.30.
00:19 This means that there is set to be an annual increase on the basic state pension, taking
00:24 the total of the year to almost £9,000.
00:27 This is set to be the second significant increase in the state pension in two years, after a
00:31 10.1% increase in April of this year.
00:34 But questions have been raised over whether the cost of the funding of the policy is too
00:37 high and whether the government could better spend the money elsewhere.
00:42 The debate over fairness may also be heightened as benefits are not likely to rise quite as
00:46 much.
00:47 Neither the Conservatives nor Labour have committed to maintaining the triple lock in
00:51 their next manifesto.
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