Frank Field calls for scrapping of 'triple lock'

People would need to retire in their 70s

clock • 1 min read

The pensions "triple lock" - which guarantees yearly pension rises of at least 2.5% - must be scrapped after 2020, MP Frank Field has said.

The Work & Pensions Select Committee chairman told the BBC keeping the guarantee could cost the taxpayer an additional £50bn by 2050. It would mean raising the retirement age to beyond 70, he said. The "triple lock", implemented by the Conservative-Lib Dem coalition government under David Cameron, guarantees pensions rise by the same as average earnings, the consumer price index, or 2.5%, whichever is the highest. Retirees told BBC Radio 5 the guarantees were needed to ensure people had enough to retire on. "So many pensioners are not well off...

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