Treasury Committee comments on pensions triple lock
Released 19 June 2020
The Treasury Committee believes that the pensions triple lock will produce unintended consequences in its current form.
This is largely due to the fact that in 2021 there will be a very significant increase in average wages relative to the level this year, which will have been depressed by millions of workers on furlough.
Chair of the Government’s Treasury Committee, Rt.Hon. Mel Stride MP said that the Chancellor will need to address the lock by carefully balancing the importance of protecting the income of older people, who often have limited opportunities for increasing their earnings, against the impact on the public finances. He believes that a way forward might be to temporarily suspend the wages element of the lock.
Further information can be found at https://committees.parliament.uk/committee/158/treasury-committee/news/147011/mel-stride-comments-on-the-pensions-triple-lock/.