The Most Telltale Sign That Pensions Triple Lock Will Be SCRAPPED: Conservative MPs are being questioned.
THE PENSION OF THE STATE It has been suggested that triple lock is on the verge of being suspended, after it was revealed that MPs are being polled on the policy’s future.
The State Pension triple lock ensures that the total is increased by at least one of three primary components each year: 2.5 parent, inflation, or average wage growth. However, in recent weeks, there has been more debate over whether the program may be rescinded. This is owing to the fact that salary data is skewed this year due to more individuals returning to work, with estimates indicating average earnings rise of up to 8%.
Chancellor Rishi Sunak indicated in interviews that the policy would be addressed later this year, but that the approach would be fair to both “pensioners and taxpayers,” leading some to believe the triple lock may be changed.
However, there has been a new hint that suggests the promise may be abandoned entirely.
According to The Telegraph, Conservative MPs have been secretly polled on their feelings on the state pension triple lock.
According to the publication, prominent leaders in the DWP have been polling MPs to determine if they support scrapping the pension guarantee.
“It was very much an, ‘If we do this, what’s your opinion?’” a well-placed insider told the newspaper.
However, some say that the impact on poorer pensioners should be considered, arguing that many of them require an increase in the state pension to assist them in retirement.
It was also revealed over the weekend that Prime Minister Boris Johnson and Mr Sunak were discussing the suspension of the triple lock in great detail.
According to the Sunday Telegraph, the government is concerned that preserving the pension lock would be unpopular.
When it comes to the triple lock, the concept of intergenerational justice has recently been highlighted.
Some have argued that a significant increase for retirees would be unjust in a year when many people have been struggling financially.
There are also worries about the triple lock’s affordability, given that the government is spending at record amounts to assist those who use furlough and SEISS.
The Office for Budget Responsibility has released startling figures on the expense of maintaining the triple lock.
“Brinkwire Summary News,” according to the organization, the Chancellor may have to raise billions of pounds.