UPDATE: |State Pension warning as bills and benefit cuts could ‘wipe out’ triple lock News

The basic state pension rose by £361.40 this month under the triple lock formula – but this could be almost entirely eaten up by rising household bills

New analysis suggests that the recent state pension triple lock increase will be negated by cuts to winter fuel payments and escalating household bills. The basic state pension saw a rise of £361.40 this month due to the triple lock mechanism.

However, the Liberal Democrat research indicates that the increase will be almost entirely consumed by surging household costs such as energy, water, and council tax, coupled with the reduction in winter fuel allowance.

Their findings show that a couple both receiving the basic state pension and who were eligible for the full £300 winter fuel payment will face a shortfall of £720, while their joint state pension boost amounts to just £722.80.

Steve Darling, the Lib Dem work and pensions spokesperson, said: “The triple lock is being wiped out by a triple hit of winter fuel payment cuts, council tax hikes and rising bills. This Labour government has treated pensioners appallingly, leaving them cold in the winter and vulnerable to price hikes in the spring.”

He added: “Liberal Democrats are proud we brought in the triple lock and lifted so many pensioners out of poverty. But we are deeply worried this government is reversing that progress and leaving pensioners without the support they need.”

From Sunday, the new state pension, applicable to those who claimed after April 2016, increased by £472 annually,reports the Express.

According to the same analysis, couples on the new state pension will have roughly £200 left after accounting for the loss of the winter fuel allowance and the burden of rising bills.

Dennis Reed, director of Silver Voices, a campaign group advocating for the over-60s, remarked: “In addition to this sober analysis I would add that the majority of pensioners are already being taxed on their state pensions because of the frozen tax threshold and therefore immediately lose 20 per cent of the triple lock increase.

“This anti-pensioner and ageist government has abandoned millions of older people to a retirement without dignity.”

The critique comes amid heightened scrutiny of Labour’s restrictive approach to winter fuel payments, confining them only to those retirees on pension credit.

However, a government spokesperson rebuffed the criticism by highlighting financial commitments, stating: “We’re improving the lives of millions of pensioners through our £7.84billion additional funding for the State Pension this year. That means up to £470 extra in pensioners’ pockets from this week and comes alongside our work to boost Pension Credit uptake, and the £26 billion we’ve invested in the NHS that has seen waiting lists in England fall for five months in a row.

“This government is committed to giving all pensioners the dignity they deserve in their retirement. Those who have worked hard throughout their lives, paying into the system, are owed nothing less.”