State pension triple lock may be scrapped for ‘new system’ as Truss treads ‘tightrope’ | Personal Finance | Finance

State pensioners will be hoping the triple lock delivers a bumper boost with inflation at substantially high levels. However, some have questioned whether the policy is viable, and indeed, whether it is fair.

The triple lock was abandoned this year in favour of a double lock due to warped earnings data as a result of COVID-19.

Although the Government previously promised to uphold the lock, the suspension has caused uncertainty.

The change in premiership compounded the matter as Prime Minister Liz Truss takes the reins, but she has previously committed to supporting the policy for at least the next two years.

With a challenging economic situation to be tackled, some experts worry good intentions will have to be placed aside in favour of affordability. 

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“So, the Government will need to defend itself against accusations of intergenerational favouritism.”

But what could come into place if the triple lock is scrapped?

Mr Jones-Tinsley suggested there may be different options on the horizon for the new Government to consider.

He said: “If neither the triple lock nor the double lock are proving suitable, and with a new Work and Pensions Secretary in place, there’s a chance we could see a whole new system proposed to Parliament.

“But whether this is a Governmental priority in the current tumultuous situation is anyone’s guess.”

A Department for Work and Pensions (DWP) spokesperson told Express.co.uk: “The Government has committed to implementing the Triple Lock in the usual way for the remainder of the Parliament.

“The UK state pension continues to provide the foundation for retirement planning and financial security in older age, with the full yearly amount of the basic state pension now over £2,300 higher than in 2010.”