Pensioners rage over scrapping of state pension triple lock for April 2022 | Personal Finance | Finance


The decision to temporarily suspend the triple lock this year has been the cause of much controversy surrounding the state pension. readers took to the comment section to voice their displeasure.

Previously, the triple lock had been in place to help protect pensioners’ income, but it will not be honoured for the upcoming tax year.

The triple lock policy is a Government guarantee which ensures the state pension increases each and every year by a minimum amount.

Under the policy, the state pension must increase by either the rate of inflation, the rate of average earnings growth, or 2.5 percent, whichever is highest.

It appeared that average earnings growth would be the highest of the three figures when it came time to decide the state pension boost for the 2022/23 tax year, coming in at a massive 8.3 percent.

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Inflation registered at 3.1 percent for the 12 months to September 2021, and this was locked in as the rate of increase to the state pension at that time.

A 3.1 percent increase represents less than half the amount pensioners were originally expecting, and sparked fury among older Britons.

This is reflected in the comment sections of stories relating to the state pension and the triple lock, where many users expressed their anger.

One user, ανδρεαs, described the triple lock scrap as “the biggest con of the century”.

Another, DavidCohen2, simply put: “Unfortunately, the Government doesn’t give a toss about the elderly in this country.”

One of the concerns people have with the 3.1 percent increase is that inflation has continued to rise in the months since the state pension boost was decided.

Inflation hit 5.1 percent for the year to December 2021, leaving many worried about whether the upcoming state pension increase will be enough to fight against the rising cost of living.

AlistairMilton said: “3.1 percent is almost half the real rate of inflation. As inflation goes ever higher we will continue to be out of pocket.”

Another user, RED CHENGDU, was unhappy with the position pensioners may potentially be left in if inflation continues to soar.

They commented: “Many pensioners have to decide on eating or heating. Totally unacceptable and disgusting.”

This issue appears to have shaken some people’s faith in the Government, with some users aiming criticism at Boris Johnson and Rishi Sunak.

Sdemnips commented: “Shame on you, Boris and Sunak”, while ‘Made in Britain’ said: “The Tories will pay for how they have treated pensioners!” has contacted HM Treasury and the Department for Work and Pensions asking for comment.

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