Published On: Mon, Sep 6th, 2021

Pensions Triple Lock: How much will it cost pensioners a month if Rishi backtracks? | Personal Finance | Finance

Assuming state pensions continue to rise by 2.5 percent a year, those turning 66 this year would be £11,866 out of pocket by the time they turn 85.

However, if this does happen it would be breaking a key Tory manifesto pledge and anger thousands of pensioners.

Sir Steve Webb, a former pensions minister who is now a partner at consultants Lane Clark & Peacock, said: “For many pensioners, the triple lock has been a key policy in reversing decades of decline in the value of the state pension.

“Whilst they would not welcome even one year where the full increase was not given, the key will be whether the Chancellor announces a permanent break.

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