Fury Over Threat To State Pension

Millions could be worse off if triple lock pledge is axed

- Sarah O'Grady

Pensioners could lose £1,900 a year as the Government considers axing the triple lock guarantee to give the economy a post-lockdown boost.

Campaigners say OAPS in Britain already have the worst state pension in the developed world – and that scrapping the yearly rise rule would put 50,000 more in poverty.

The biggest lobby group is now urging Chancellor Rishi Sunak to guarantee the future of triple lock, which ties the state pension’s yearly increase to average wage growth, inflation or 2.5 per cent.

Number crunchers for the Government fear pay will shoot up during this financial year as nine million furloughed workers on 80 per cent of their salary get back to work on full pay.

This could mean that the basic state pension of £134.25 a week rises in line with the wages to £162.80 a week in 2022-23 – costing the Treasury up to £20billion.

The flat-rate pension – offered to people who reach state pension age after April 2016 – would jump from £175.20 a week in 2020-21 to £212.45 a week in 2022-23.

In total, 12 million pensioners would benefit.

Jan Shortt, general secretary of the National Pensioners Convention, is demanding a meeting with Mr Sunak and the Secretary of State for Work and Pensions Therese Coffey to guarantee a healthy pension rise.

Miserly

She said: “The UK’s basic State Pension is the worst in the economically developed world. The triple lock is one of a package of universal entitlements from the Government that compensates for such an inadequate pension.