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State pension triple lock could be 'suspended' as soon as next week

Daily Mail logo Daily Mail 04/09/2021 Harriet Line, Chief Political Correspondent For The Daily Mail
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The state pension triple lock could be 'suspended' as soon as next week, it was claimed yesterday.

The measure guarantees the state pension will rise in line with inflation, earnings or 2.5 per cent, whichever is higher.

But distortions to wages caused by the coronavirus crisis could mean that pensioners see their payments rise by as much as 8 per cent from April next year.

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The Chancellor has previously hinted that he would not go ahead with an 8 per cent rise, saying his decision would be guided by 'fairness both to pensioners and for taxpayers'.

The Mail revealed last month Rishi Sunak was set to temporarily axe the triple lock due to the billions it could add to public spending. It is thought it is likely to be suspended for at least a year. 

Video: State Pension and free bus pass rule changes explained (Wales Online)


Yesterday, Bloomberg reported that Mr Sunak could make an announcement as soon as next week, though Treasury sources dismissed the suggestion.

Another source familiar with the plans said they did not expect Mr Sunak would grant an 8 per cent rise.

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Helen Morrissey, a pensions analyst at Hargreaves Lansdown, said: 'An early decision would be welcomed as bringing clarity for everyone. 

'The current situation, though extreme, shows the importance of reviewing the triple lock.

'It has improved the incomes of pensioners, but we need to look at whether the triple lock remains the best way to maintain the long-term value of the state pension while striking a balance between taxpayers and pensioners.'

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