Liz Truss vows to protect ‘triple-lock’ pensions in boost to millions of OAPs who faced losing thousands

LIZ Truss today committed to protecting the pensions triple lock after previously warning that 12million Brits could miss out on cash.

The Prime Minister used a Commons showdown to vow those on the new state pension will not be left behind.

She earlier refused to commit to raising state pension payments in line with inflation from April 2023.

The move would have left millions of seniors missing out on as much as £12,296.94 over the next 20 years.

But in a defiant U-turn, the PM today told MPs: "I am being completely clear - we are protecting the triple lock".

The triple lock ensures that payments rise each year by whichever is highest of the three figures: inflation, wages or 2.5%.

Usually, inflation figures from September are used for the triple lock calculation.

These were released today, and showed that inflation has now returned to a 40-year high of 10.1%.

Based on these figures, it means the maximum new state pension would rise from the current rate of £185.15 to £203.85.

Pensioners would get a total of £10,600 a year - a £972.40 increase - when new rates roll out in April next year.

While the basic state pension would go up £14.35 from £141.85 per week to £156.20.

Over the year, that would be an increase of £746.20 to £8,122.40 in total.

Keeping the lock in place will cost £4billion to £5billion, according to AJ Bell figures.

Last year, the triple lock was paused temporarily last year and a "double lock" removed wages when working out the increase.