Commenting on the scrapping of triple lock for 2022/23, Chris Noon, Partner, says:

“The triple-lock used to increase State pension is an important long-term protection for pensioners. Too many pensioners are still living on incomes that are below the pensioner poverty threshold despite years of the triple-lock being in place. The unusual circumstances of furlough means that the triple lock formula is not fit-for-purpose for the April 2022 State pension increase. This is short-term technical issue and we are pleased that the Government has not been persuaded to abandon the triple lock completely but has simply accommodated a one-year anomaly. The UK already has one of the worst State pensions across the OECD. Throwing out the triple-lock would have risked pushing more pensioners in to poverty.”