Pensions: What is the triple lock and how does it work?

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geemong
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Pensions: What is the triple lock and how does it work?

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Pensions: What is the triple lock and how does it work?

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Speculation is mounting over a change in policy determining the next rise in the state pension.

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During the summer, Chancellor Rishi Sunak hinted that the government was prepared to break the triple lock - a manifesto promise governing state pension rises - owing to the unique situation the pandemic has caused.

Now the Treasury Committee has stressed to the chancellor that "the triple lock is unsustainable in its current form".


What is the triple lock and how does it work?
At present, the state pension increases each year in line with the rising cost of living seen in the Consumer Prices Index (CPI) measure of inflation, increasing average wages, or 2.5%, whichever is highest.

This is known as the triple lock, and it is a Conservative manifesto pledge for the five years of this Parliament.

Official forecasts suggest that the increase in average earnings will be the highest of these three, by a considerable margin.


What impact has Covid had on the triple lock?
As people come off furlough and return to full pay, this is recorded as a large rise in average earnings. Job losses have also affected those in low-paid work too.

This leads to a unique situation, and one which economists describe as an anomaly.

Predictions by the Bank of England suggest that annual average earnings for the period relevant for the triple lock could go up by 8%, which would normally trigger an equivalent rise in the state pension.
weemadarthur
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Re: Pensions: What is the triple lock and how does it work?

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weemadarthur
Mensajes: 370
Registrado: Vie Sep 17, 2021 6:49 am

Re: Pensions: What is the triple lock and how does it work?

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