![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/fears-triple-lock-pension-to-end-as-george-osborne-said-hed-be-tempted-not-to-pay-it/&media=https://uknews.evprotec.com/wp-content/uploads/2023/09/11_Screen-Shot-2020-12-02-at-143858.png&description=Former Tory Chancellor George Osborne said this morning he would be "very tempted" not to give the bumper state pension rise - expected to be 8.5% - if he was still in post Politicians have been warned they must commit to the pensions triple lock in the long term after a Cabinet minister admitted it is "not sustainable". Ministers are facing a huge headache as the protection means state pensions is set to go up by 8.5% next year - a windfall worth hundreds of pounds to retirees. But top Tories and officials are reportedly looking at ways to increase it by a lesser sum. Former Tory Chancellor George Osborne said this morning he would be "very tempted" not to give the bumper rise if he was still in post. New data shows that wages rose by an average of 8.5% between May and July. But that's been inflated by one-off bonuses paid to public sector workers including NHS staff, the Office for National Statistics has said. Without these bonus included, the average wage has gone up by 7.8%. The Government is investigating whether it can justify paying pensioners the lower figure, although the suggestion has met with anger. It also raises questions about the triple lock in the longer term, as it's the second huge rise since it was reintroduced in 2022. The triple lock protection means the state pension rises each year in line with the highest out of 2.5%, wage rises or inflation. The triple lock system is a protection which means pensions go up each April by whichever of these three things is highest: It was introduced by the coalition government in 2010. It was introduced to make sure pensions weren't dwarfed by a rise in the cost of living or an increase in wages. It was suspended following the Covid pandemic but restored in 2022. Tory Work and Pensions Secretary Mel Stride refused to be drawn on whether bonuses might be carved out, saying increases need to take into account "affordability and the position of the economy". While Mr Stride stressed that the triple lock remaine){kind=link}
Former Tory Chancellor George Osborne said this morning he would be “very tempted” not to give the bumper state pension rise – expected to be 8.5% – if he was still in post
Politicians have been warned they must commit to the pensions triple lock in the long term after a Cabinet minister admitted it is “not sustainable”.
Ministers are facing a huge headache as the protection means state pensions is set to go up by 8.5% next year – a windfall worth hundreds of pounds to retirees. But top Tories and officials are reportedly looking at ways to increase it by a lesser sum.
Former Tory Chancellor George Osborne said this morning he would be “very tempted” not to give the bumper rise if he was still in post. New data shows that wages rose by an average of 8.5% between May and July. But that’s been inflated by one-off bonuses paid to public sector workers including NHS staff, the Office for National Statistics has said. Without these bonus included, the average wage has gone up by 7.8%.
The Government is investigating whether it can justify paying pensioners the lower figure, although the suggestion has met with anger. It also raises questions about the triple lock in the longer term, as it’s the second huge rise since it was reintroduced in 2022. The triple lock protection means the state pension rises each year in line with the highest out of 2.5%, wage rises or inflation.