Promises, Promises: Tories Pause Pensions Triple Lock to Dodge 8% Rise Next Year

Halting the so-called pensions “triple lock” for a year was the third election manifesto pledge to be broken in a day of controversial policy announcements from Prime Minister Boris Johnson's Conservative government.

The UK government will break another election pledge by suspending the "triple lock" on state pensions in the next financial year.

Work and Pensions Secretary Therese Coffey announced on Wednesday afternoon that the link between pensions and average salaries would be cut for the year 2022-23 to stop pensioners "unfairly" cashing in thanks to an eight percent rise in average earnings amid the post-COVID-19 recovery.

The move will reportedly save the Treasury £4 billion next year.

BREAKING Triple lock on pensions has been SCRAPPED for 2022/23

It means pensions will NOT rise by 8% next April. Instead will rise by inflation (or 2.5%).

Therese Coffey says it's to stop pensioners "unfairly benefiting from a statistical anomaly".

Is only for one year

— Dan Bloom (@danbloom1) September 7, 2021

"Last year we saw earnings fall by one percentage point", despite the Treasury's furlough scheme, Coffey said. "In response we legislated to set aside the earnings link allowing me to award an uprating of 2.5 per cent as this was higher than inflation. If we had not done this state pension would have been frozen".

The "triple lock" policy sees social security pension benefits rise every year by the highest of either inflation, average earnings or a 2.5 percent baseline.

"This year as restrictions have lifted — and we experienced an irregular statistical spike in earnings over the uprating review period — I am clear that another one-year adjustment is needed", the minister added.

Coffey said the move would "will also ensure that as we are having to make difficult decisions elsewhere across public spending, including freezing public sector pay, pensioners are not unfairly benefitting from a statistical anomaly".

Political reporters were quick to point out that Coffey's announcement was the third election manifesto promise to be broken that day.

Therese Coffey in Commons confirms breaking the triple lock after surge in wages, which would have qualified pensioners for a 8% hike in pensions. Will save Treasury £4bn. Another manifesto promise broken

— Beth Rigby (@BethRigby) September 7, 2021

Earlier, PM Boris Johnson announced a 1.25 percent hike in National Insurance to pay for pledged support for elderly care-home costs. Keeping that promise broke another not to raise the social security tax on earnings.

"A global pandemic wasn't in our manifesto either", he quipped to reporters at a press conference on Wednesday afternoon.