MPs have rejected amendments put forward by members of the House of Lords that would have retained the state pension triple lock following “fiery” exchanges in the House of Commons.
The state pension triple lock will now be suspended for a year as planned to prevent a 8.3% increase based on ‘artificially high' earnings growth brought about by the pandemic. The double lock arrangement will see the state pension increase in line with Consumer Prices Index (CPI) inflation of 3.1%. However, concerns were raised about rising inflation hitting pensioners' standards of living. An amendment put forward by Baroness Ros Altmann, the former pensions minister under the coalition government, had aimed to maintain the triple lock 'earnings link' by allowing the government to u...
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