Triple lockdown pension to be watered down by the government – .

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Triple lockdown pension to be watered down by the government – .


This could save the Treasury up to £ 3.5bn, according to pension industry experts.

It would affect more than 12 million people claiming state pensions and take effect from April 2022 – but it will likely only be a temporary change.

This decision could prove politically heavy for the government. The triple pension lockdown has been defended by three Tory prime ministers: David Cameron, Theresa May and now Mr Johnson.

It was a promise from the Tory manifesto in the December 2019 general election that won Mr Johnson a landslide victory.

“On entering government in 2010, the Tories acted decisively to protect British pensioners,” part of the manifesto said.

“The ‘triple lockdown’ that we have introduced means that those who have worked hard and invested for decades can be sure that the state will be there to support them when they need it. We will keep the triple locking.

Government ministers should argue that they are not abandoning the triple lockdown but responding to the “anomaly” of the recent surge in average incomes as the economy emerges from lockdown.

The sharp increase in average incomes has been attributed, in part, to the fact that a disproportionate number of low-income jobs were lost during the pandemic.

Figures close to the government told The Telegraph that a “fairness” argument would be made to justify the changes to the triple lockdown provisions.

Ministers are expected to note that it would not be fair to give people receiving state pensions a seven percent increase after a year of workers on leave and high unemployment.

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