Pension triple lock to be watered down by Government
The pension 'triple lock' guarantee long championed by the Conservative Government is set to be watered down next year in a move that will save the Treasury billions of pounds.
The Telegraph can reveal that Boris Johnson has been advised by Cabinet ministers to temporarily alter the long-held promise on how to increase state pensions, due to a freak earnings rise.
The triple lock, which has been Tory policy for a decade, promises to raise the state pension by either the inflation rate, average earnings or 2.5 per cent, whichever is higher.
However, figures released on Tuesday by the Office of National Statistics found that average earnings rose by 7.4 per cent in the three months to June due to the peculiarities of the Covid pandemic.
There is a growing consensus among government min...