Pensions triple lock could be axed after next election as Rishi Sunak sparks fears of raid on retirees

RISHI Sunak has opened the door to axing the pensions triple lock beyond the next election.

The PM yesterday sparked fears of a raid on retirees by refusing to keep the flagship pledge in his upcoming manifesto.

Reuters

He avoided making the cast-iron promise as concerns grew he could water down next year’s payments to OAPs.

Pressed yesterday if he would take the triple lock into a second term in No10, Mr Sunak dodged at PMQs: “This is the party that introduced the triple lock.

“This is the party that has delivered a £3,000 increase in the state pension since 2010.”

While he currently remains “committed” to the policy, Downing Street would also not rule out reducing the pension payments.

Ministers are considering stripping out bonuses from the rate of wage rises, which will determine how much pensions go up.

It would mean Britain’s 12million state pensioners would receive a 7.8 per cent cash boost rather than a 8.5 per cent hike.

The triple lock – introduced by David Cameron in 2011 – pegs annual pension rises to either inflation, wages or 2.5 per cent, whatever is higher.

Former Tory PM Theresa May all-but suggested she would keep the triple lock if she were still in charge.

She told LBC:  “I maintained the triple lock when I went to the country.

“The triple lock was there for a very important reason, which was that if you looked at what had happened under a Labour Government, pensioners had done, by and large, quite badly in terms of increases in their pension.”

Ex-Tory Chancellor George Osborne reckons ministers might curb the money for OAPs to fund tax cuts for workers.

He said: “It saves a lot of money for the Treasury at a time when things are really tight, you could put some more money into public services, if you wanted to cut taxes you could do it, or certainly avoid tax rises which otherwise are coming.”

Sir Keir Starmer’s spokesman said bonuses should be included in earnings, and so pensions should rise by that amount.

But they would not guarantee the triple lock would feature in their manifesto.