The time is right for a proper debate about what level of state pension is fair and affordable, according to Royal London, ahead of the second bumper increase in payments under the triple lock policy.
Director of policy and communications Jamie Jenkins said having an annual debate about the triple lock, its application and affordability is "unhelpful for people trying to plan their retirement". Neither the Conservatives or Labour have fully committed to long-term retention of the triple lock on state pensions - which sees state pension increases in line with the highest of September's inflation figure, seasonally adjusted pay growth for the three months to July, or 2.5%. There was a bumper increase for pensioners in 2023 with the prospect of another in 2024. Royal London explain...
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