Conservatives suspend state pension triple lock for 12 months

The change comes from the government's concern that a post-pandemic rise in average earnings would have seen the state pension shoot up by 8%. Work and pensions secretary Therese Coffey said the average earnings component of the triple lock would be disregarded for the 2022/23 financial year. It will rise, instead, by the rate of the Consumer Prices Index or 2.5% whichever is higher. The retention of the triple lock was a Conervsative manifesto pledge. Pension consultancy LCP said the move would avoid a large one-off hike in pensions because of the spike in the average earnings figure...