ILC urges caution as WPSC proposes scrapping triple lock

In its 'Intergenerational Fairness' report, which was published today, the committee recommended the government "benchmark the new state pension and basic state pension at the levels relative to average full-time earnings they reach in 2020". It added: "The triple lock should then be replaced by an earnings link." Introduced by the coalition government in 2012, the triple lock has ensured the state pension has risen every year by the highest out of inflation, earnings growth or 2.5%. Last year, the Conservative government pledged to keep the policy in place until 2020. Responding to t...