Chair comments on pensions triple lock

• Treausury Committee

This follows a recent letter to the Chancellor, in which the Committee asked whether the Treasury has considered temporarily suspending the wages element of the “triple lock” or temporarily calculating the wage growth differently.

The Chancellor’s response can be found here.

Rt. Hon. Mel Stride MP, Chair of the Treasury Committee, said:

"Over the last decade, the pensions triple lock has successfully protected the incomes of older people, who often have limited opportunities to increase their earnings. However, the ‘triple lock’ is unsustainable in its current form. A potential almost double-digit percentage rise is unrealistic and unfair, with knock-on effects for the public finances.

“Given that average wage levels have been skewed by the unprecedented events of the past 18 months, the Chancellor should temporarily suspend the wages element of the lock. This is a sensible approach which will aid our recovery from the pandemic.”

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