State pension triple lock ‘volatility’ rife

With new Chancellor Jeremy Hunt and Prime Minister Rishi Sunak taking a different approach to that of Liz Truss, there are fears about what could happen to the state pension. Mr Sunak and Mr Hunt are attempting to raise as much money for the Treasury as possible, and hope to steer the country into financial stability. However, people are wondering whether the triple lock will have to be sacrificed in order to achieve this goal. Express.co.uk spoke exclusively to Andrew Megson, CEO of My Pension Expert, who offered his insight on the matter. He said: ‘Government borrowing reached £20billion in September, and cutbacks on spending seem inevitable if the country is to get to grips with its debt. ‘Given the triple lock cost the Treasury £5.6billion in 2020/21, it is unsurprising that the Chancellor might consider cutting the policy to provide hefty savings – even if it means going against their 2019 manifesto.’ READ MORE: State pension blow as expert warn ‘it’s a benefit not a right’ He added: ‘But of course, we must all wait until this for a concrete answer. Until then, the future of many vulnerable pensioners remains uncertain.’ However, according to the expert, it is not only the triple lock which the Government should be considering imminently. Mr Megson believes other aspects of pension policy must be clearly laid out, and added: ‘There is much more which could be done to protect retirees and ensure their financial situation remains stable, despite such volatility. ‘Prioritising the Pension Dashboard launch will be vital in achieving this. Granting all Britons access to their pension information will enable them to better engage with their retirement finances and make more informed decisions about their financial future.’ It is likely the Government will provide further clarity on the triple lock by this week, as the Autumn Statement looms. Older people should look out for an announcement on Thursday, November 17, as the policy continues to hang in the balance. Mr Megson concluded: ‘Pensioners – particularly those dependent on the triple lock – will understandably be worried about the future. ‘But for now, the Chancellor must be clear on the Government’s position on the triple lock. ‘They must prioritise ensuring Britons are able to access advice to help them understand their financial situation and take steps to strengthen their retirement plan. ‘Doing so would provide some welcome reassurance during this incredibly volatile time.’ A Department for Work and Pensions (DWP) spokesperson told Express.co.uk: ‘The Government is committed to ensuring people have the support and information they need to make informed choices about their financial futures and provides free and impartial guidance via Pension Wise and Money Helper. ‘The UK state pension continues to provide the foundation for retirement planning and financial security in older age, with the full yearly amount of the basic state pension now over £2,300 higher than in 2010. Alongside this, Automatic Enrolment has succeeded in transforming private pension saving, with latest figures showing more than 10.7 million workers have been enrolled into a workplace pension to date and an additional £33billion, in real terms, saved in 2021 compared to 2012.’ READ SOURCE