It is unlikely the triple lock suspension will be stopped, despite the House of Lords voting against the decision last week, according to an expert. On Tuesday, peers in the House of Lords defeated the Government by voting in favour of the state pension policy being reinstated. However, former pensions minister, Steve Webb, warned that the Government would use its majority to overturn this defeat. He told the i last week: “Even though no Government likes being defeated in the House of Lords, sometimes they will consider a concession in order to get their legislation through,” said Sir Steve, who was pensions minister in the coalition government.
“But on an issue like this, there seems no prospect of a Government concession when MPs are asked to consider the issue again.”
The decision from Mr Johnson and Mr Sunak was a controversial one, given the Conservative Party vowed in 2019 to keep the triple lock.
Many pension savers have since expressed anger, as highlighted by a report from This Is Money in September.
Jan Shortt, general secretary of campaign group National Pensioners Convention, said older people saving for their pension have become an “easy target”.
She also lamented the UK’s ungenerous state pension.
Ms Shortt told This is Money: “The oldest and most vulnerable in society are just an easy target.
“This also seems to be yet another step towards dismantling an already low state pension that leaves those dependent upon it living in near poverty.
“Pensioners are already facing terrible financial hardship with the axing of free TV licences for those aged over 75 – and soaring energy bills.
“With many having to choose between heating the home, watching television or eating hot meals, this is a really cruel blow.”
Retired journalist Ian Barratt, from Maldon in Essex, told the website that the move was an attack on pensioners.
He said: “This latest attack on the state pension is a particularly low blow.
“When the Government allows multinational giants such as Amazon to get away with making obscene profits at the expense of the taxpayer – letting them pay a paltry amount of tax – you have to ask where its priorities lie.
READ MORE: State pension: Triple lock ‘rights a longstanding wrong’
“Is it the old and vulnerable, who are less likely to complain, it cares about or is it big business?
“The rich get richer while the poor survive on a meagre state pension that in real terms continues to fall in value.”
Given that the Government has already broken multiple manifesto pledges, Mr Barratt also isn’t convinced the triple lock will be brought back.
He continued: “We are told the triple lock is to be shelved for just a year – but how on earth can we trust the Government not to do the same thing again and again?
“I am also worried about the young. I bet you that they will not be able to rely on a state pension to keep them comfortable when they reach old age.”
Others think the policy is fair, however, as the triple lock being maintained would have led to a huge rise for state pensions.
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The triple lock guaranteed that the state pension would rise by the highest of the following: inflation, average earnings or 2.5 percent.
Because Covid distorted average earnings, pensioners were set for an 8.3 percent boost.
They will now just get a 3.1 percent rise, in line with September’s inflation figure.
Nimesh Shah, CEO of Blick Rothenberg, told Express.co.uk that the 3.1 percent increase is still fair despite the fact inflation could reach as high as five percent next year.
He said last month: “It costs a huge amount, which is why they did it. It was unfair that they brought in this health and social care levy, which hits workers and not pensioners.
“The measure to bring down the increase on the state pension was there as a neutraliser.
“This is only for one year as well, from April 2023 they will go back to the old system.
“So should pensioners get a higher increase than 3.1 percent this year? I think the answer is no, they need to make a fair contribution given some workers aren’t seeing an increase in their wages at the same level.
“We saw as well that NHS workers are only going to get a three percent increase on their public sector pay.”
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