Gov't 'Can Save £15B' By Dropping Pension Triple Lock

Law360, London (September 9, 2020, 3:39 PM BST) -- The government could save £15 billion ($19.4 billion) by breaking a manifesto promise and abandoning a "triple lock" mechanism that ensures the state pension keeps pace with the rising cost of living, a think tank has proposed.

The Pensions Policy Institute said Tuesday that temporarily replacing the triple lock with a "smoothing mechanism" that calculates earnings inflation over a two-year average would guard against a sharp rise in earnings inflation as the economy recovers from the COVID-19 pandemic.

Daniela Silcock, head of policy research at the PPI, said that earnings inflation had tumbled to minus 1% in May because of job losses, furloughs...

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