Triple Lock to be Scrapped NEXT YEAR as ‘Younger people can’t keep funding the old’

The government is under increasing pressure to scrap the state pension triple lock due to rising costs.

The key Conservative manifesto pledge is to increase the state pension every April by the highest of the previous September’s inflation, wage growth, or 2.5 percent.

From April, new weekly state pension payments will be £203.85, or £10,600.20 per year.

Those who reached the state pension age before 2016 will see their basic state pension increase to £156.20 per week, or £8,122.40 per year.

According to the Institute for Fiscal Studies, the policy has sparked a growing debate about the cost, which is expected to cost the government an additional £11 billion next year.

And now, Angus Hanton of the Intergenerational Foundation has suggested that the policy could be scrapped before the next election.

He stated that with an election coming up in early 2024 or early 2025, policy changes could be announced sooner rather than later to avoid the voting period.

Mr. Hanton went on to say that the state pension should be targeted toward vulnerable, low-income retirees.

He said: “It seems wrong that the state pension goes to older, wealthier people. This generation is made up of ex-private sector workers who have enjoyed generous defined benefit pensions, and ex-civil servants who have enjoyed much more lavish pensions than expected.

“It is deeply unfair that younger, working people are expected to fund this older generation’s state pension on top of that.”

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