Pat McFadden

Pat McFadden

Labour — Wolverhampton South East

Speaking in the House of Commons on 13 October 2026

Debate

Pensions Triple Lock

Contribution

On the relationship to average earnings, in future years the gains from almost 20 years of the triple lock by the time we get to April 2030 will be locked in. The difference will be that, instead of outpacing average earnings as the current system does, the state pension will be linked to the level of average earnings that it reaches in April 2030. On my hon. Friend’s second point, this is a new settlement which guarantees a rising state pension every year but, over time, also releases funds for one of the biggest issues facing the country. I think the Prime Minister deserves credit for facing up to this issue. His criticism of politics, which is merited, is that difficult long-term issues have too often been ducked, which has left them to fester unresolved. In putting forward this new settlement, he is ensuring not only security for pensioners’ incomes but a means of tackling this issue.

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