Pension experts have warned that the current format of the Triple Lock is unaffordable and unsustainable in the long-term.
Retirement experts have warned that the State Pension Triple Lock in its current form is “unsustainable” for the longer term following the Office for National Statistics announcement earlier this week that the Consumer Price Index inflation rate figure for September was 6.7 per cent. This means that under the Triple Lock policy, State Pensions are set to rise by the average annual earnings growth figure of 8.5 per cent.
He added: “There are reports that the Government is considering adjusting the earnings growth figure downwards to reflect recent one-off public sector bonuses which have created a ‘distortion’. While trimming it back by up to one per cent would save the Government money, it would risk the wrath of the pensioner population ahead of a likely General Election next year.
“The wage data has been inflated by one-off bonuses given to NHS workers and civil servants over the summer. If we strip out bonuses the figure is 7.8 per cent. The last time wage data was seen to be inflated was during the pandemic, with the Government opting to suspend the Triple Lock and use the inflation figure instead.
“We would like to see an overarching review of the State Pension, and the Triple Lock’s role within it, to give pensioners more certainty around how and when they receive their state pension.” Estimated State Pension payments from April 2024 The estimated calculations show the current annual rates for the full New and full Basic State Pensions. The 'monthly payment' calculated below refers to every four weeks, there are 13 payments made throughout the year.
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