Sunak Hints U.K. Government May Drop Pensions Triple Lock
- Decision on pensions rise will be guided by ‘fairness:’ Sunak
- Electoral pledge could mean 8% pensions rise due to earnings
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Chancellor of the Exchequer Rishi Sunak hinted he may abandon the U.K. government’s “triple lock” pledge on pension increases, saying his decision will be guided by “fairness.”
The election manifesto promise means the state-funded pensions rise every year by the highest of three measures: annual growth in average earnings, inflation, or 2.5%.