On 17 June it was reported in The Times that our Winchester College-educated Chancellor in a recent TV interview indicated that it was his intention to respect the triple lock protection on the state pension.
Potentially, the result of this due to wage growth, artificially accelerated by the pandemic, could be a 5%+ increase on the state pension in April 2022.
A few days later in the same newspaper (not normally considered a supporter of pensioners’ rights) the money editor quoted the organisation for Economic Cooperation and Development (OECD) that the state pension in the UK was proportionately one of the lowest in the world. He agreed with the Chancellor and opposed any interference with the triple lock and acknowledged the increase in pension could be substantial.
Endeavouring to seek confirmation of these developments I wrote to my local MP, Steve Brine, who to his credit has in the past proved supportive and outspoken on pensioner rights. Unfortunately, regarding this issue, he apologised and said he had no insight into the plans of the Treasury!
As we know, for some politicians and elements of the media the state pension seems to be a plaything to be manipulated at their whim, ignoring the fact that many current pensioners made National Insurance contributions for sometimes fifty years and that the state pension is an important source of income during their retirement.
Chair Hampshire Unison Retired Members Section