Is Pensions Triple Lock a Burden to Tax Payers?

Former minister Ros Altmann has suggested the current triple lock system which determines the annual rise in pensions pay-outs should be scrapped from 2020

Emma Wall 2 August, 2016 | 10:56AM
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Former pensions minster Ros Altmann has been accused of suggesting the State Pension annual rises are too generous.

The triple lock policy currently dictates that the State Pension pay-outs should rise annually by the rate of inflation, the increase in average earnings or 2.5%, whichever is greatest.

The current rate of inflation is 0.5% and the average weekly earnings growth rate is 2.2% according to the Office of National Statistics.

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Emma Wall  is former Senior International Editor for Morningstar

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