The chancellor has hinted at changing the policy governing state pension rises, but why?
Chancellor Rishi Sunak: "We want to make sure the decisions we make are fair... both for pensioners and for taxpayers"
Chancellor Rishi Sunak has hinted that the government is prepared to break the triple lock - a manifesto promise governing state pension rises - owing to the unique situation the pandemic has caused.At present, the state pension increases each year in line with the rising cost of living seen in the Consumer Prices Index measure of inflation, increasing average wages, or 2.5%, whichever is highest.
Official forecasts suggest that average earnings will be the highest of these three, by a considerable margin.What impact has Covid had on the triple lock? It is a manifesto promise, but the chancellor has hinted that the triple lock could be broken to ensure "fairness for pensioners and taxpayers". There is no reason in law why the chancellor cannot change the way earnings are judged in the triple lock system.
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