The triple lock pension scheme, which increases pensions by the highest of either inflation, 2.5 per cent, or the level of earnings recorded, is coming under increasing criticism as wages increased by 8 per cent in July, meaning older people could be inline for a huge increase in their pension.

Julian Jessop, IEA Economics Fellow, was quoted in The Guardian saying: “The pay data have been distorted by the pandemic in ways that no one could have anticipated” adding, “Unless the triple lock is changed, this will provide an unintended windfall to pensioners that is increasingly hard to justify“.

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