Liz Truss has confirmed to MPs that pensions will rise in line with inflation, keeping the manifesto promise of having a triple lock on pensions.

As part of Prime Minister's Questions today (Wednesday, October 19) Ms Truss said she was “completely committed” to the policy, which just a day ago had been under threat as Downing Street indicated it could be ditched.

Due to the squeeze on public finances, ministers were considering getting rid of the policy and Ms Truss had said it was under review.

However, at PMQs, she said: “We’ve been clear in our manifesto that we will maintain the triple lock and I’m completely committed to it – so is the Chancellor.”

Hereford Times: Liz Truss speaking during PMQs (House of Commons/PA)Liz Truss speaking during PMQs (House of Commons/PA) (Image: PA)

As reported by BBC News, the Prime Minister's official spokesman told reporters after PMQs concluded that Ms Truss and new Chancellor Jeremy Hunt had made the decision to keep the triple lock in place together.

The spokesman said: “She [Ms Truss] and the Chancellor have discussed and agreed the position the Prime Minister set out this morning."

They added that the government's priority is to "protect the most vulnerable".

What is the triple lock for pensions?

This policy is something that was created during the Conservative-Liberal Democrat coalition of annually lifting pension payments.

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How much pensions go up each year is dependent on what is highest out of price rises (inflation), the average growth of earnings or is 2.5% a year.

At the moment inflation sits at around 10% whilst the average growth of earnings is 5.4%.

Existing policy dictates that from April next year, the state pension and benefits should increase by 10.1%, the figure for Consumer Price Index inflation in September.