POLL: Should triple lock be protected in Autumn Statement? | Personal Finance | Finance

Chancellor Jeremy Hunt is set to deliver his Autumn Statement on Wednesday, November 22, and is under pressure to promise to honor the triple lock which will see the state pension rise by 8.5 per cent in April next.

The triple lock ensures that older Britons get a fair increase in their state pension income, and is guaranteed to rise the higher inflation, average earnings growth or 2.5 per cent.

Pay growth, including bonuses, was the highest figure this year at 8.5 per cent and should therefore be used for the increase in the state pension.

But there is speculation that Mr Hunt could reduce this to 7.8 per cent, arguing that the overall figure is skewed by NHS and civil service bonuses.

Speaking ahead of the Autumn Statement, Jason Hollands, managing director of Bestinvest, said: “The long-term sustainability of the triple lock is questionable, but it was great to have it backed before a general election. high risk for all parties.”


He continued: “What we can see is a decision to adjust the formula, at least temporarily. The case for doing this is strengthened by the distorting impact on bonus figures arising from pay arrangements once in the public sector in the NHS and in the civil service this summer a backdated pay rise.

“There is some precedent here as the earnings growth aspect of the triple lock was previously suspended in 2021 due to the disruption caused by furloughed employees returning to work.”

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