Commenting on reports that the Government may be considering tweaking the state pension triple lock, Paul Waters, Partner, Hymans Robertson, said:

“Now is not the time to tweak the triple lock. Pensioners, particularly those on low incomes, will need the increased income that the triple lock will provide right now, especially to deal with the high cost of living increases. The state pension is already relatively low when measured against recommended UK minimum living standards and many European countries.

“Any changes to the triple lock or the state pension shouldn’t be made piecemeal. It feels quite clumsy that in a period of high inflation and rising interest rates, financial metrics and benefits are being looked at in isolation. The challenge to manage the high levels of public spending and the ageing population will not be fixed with short term decisions like suspending the triple lock. In the longer term, once the state pension is at a more meaningful level for the pensioners relying on it, the mechanism of ensuring fair but affordable increases can be addressed. What’s needed are deep-rooted reforms that consider the interaction of pension savings, tax, and other benefits including care.”