State pension triple lock warning as policy may be scrapped

The state pension triple lock ensures the sum rises each year by whichever is the highest of 2.5 percent, inflation or average earnings. The policy, which has been in place since 2010, is intended to offer pensioners a real terms increase in their amount each year.With the policy temporarily ditched this year due to perceived unfairness for younger taxpayers, and a new Government, there are concerns about the future of the triple lock.Both Prime Minister Rishi Sunak and Chancellor Jeremy Hunt have, as of yet, refused to commit to the triple lock being restored next year. It is likely the issue will be clarified in the upcoming Autumn Statement on November 17.However, one expert has suggested the statement might not provide what many pensioners are hoping for.READ MORE: UK state pension lags behind other nations in payouts State pension triple lock may be scrapped as Sunak and Hunt could bring back ‘austerity’ in Autumn S (Image: Getty)Ray Black, managing director of Money Minder, said: ‘Hopefully, on November 17, we will find out if the new Prime Minister plans to follow through with the previous PM’s promise to reinstate the triple lock.’Potentially, this could increase the newer flat rate pension to over £200 per week.’However, it’s very possible that won’t happen now as the PM and Chancellor concentrate on reducing borrowing costs and repairing the Government’s balance sheets.’In my opinion, it’s quite possible the use of the word ‘austerity’ could once again become quite commonplace in the short term.’DON’T MISSRishi Sunak faces ‘huge risk’ on state pension triple lock [INSIGHT]Millions of Britons could be eligible for savings boost worth £1,200 [ANALYSIS]Pensioners with arthritis could get up to £369 per month [UPDATE] State Pension UK: What is State Pension? (Image: EXPRESS)However, others are also fearful about the future of the triple lock mechanism.In an interview with GB News, former chancellor Philip Hammond suggested the triple lock is ‘unsustainable’.He said: ‘Is it really right we should always up the rate by the highest of wages or prices, or by two percent?’I think that is quite difficult to justify, and not all pensioners are poor.’So I think there is a case for looking again at the way we treat pensioners, and possibly for distinguishing the poorest pensioners from the great body of pensioners, some of whom are really quite comfortably off.’