Triple lock 'increasingly unfair' - Ros Altmann

'New approach to state pension needed'

Hannah Godfrey
clock • 2 min read

The triple lock is a "political gimmick" that does not properly protect the oldest and poorest pensioners, according to former pensions minister Ros Altmann.

Writing in her blog, Altmann (pictured) noted: "Politicians have been using the triple lock as a lazy way of claiming to offer pensioners brilliant protection. However, it is increasingly unfair." She explained that, in light of the new state pension system that started April 2016, older pensioners who are on the old state pension would only have the basic state pension protected - a maximum of roughly £120 per week. Younger pensioners, however, have the full new state pension of nearly £160 per week, which, argued Altmann, leaves the oldest and poorest pensioners at a disadvantage. F...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Budget end to overseas pensions 'loophole' could cause 'chaos'

Budget end to overseas pensions 'loophole' could cause 'chaos'

OTC applies to more transfers under changes

Jen Frost
clock 31 October 2024 • 2 min read
Pensions tax-free cash untouched – but what about those who acted pre-Budget?

Pensions tax-free cash untouched – but what about those who acted pre-Budget?

No lump sum change should be ‘welcomed’ but damage cannot be undone

Isabel Baxter
clock 31 October 2024 • 5 min read
Autumn Budget 24: Heavily rumoured pension changes fail to emerge

Autumn Budget 24: Heavily rumoured pension changes fail to emerge

Labour chose not to target workplace pensions, despite raising taxes by £40bn

Holly Roach
clock 30 October 2024 • 3 min read