The triple lock: What is it and why is the Government trying to change it?

irishtimes.com · politics
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The triple lock is a rule that determines how much the state pension can rise each year in the United Kingdom. Under the arrangement, the annual increase is normally whichever is greatest among earnings growth, consumer-price inflation and a 2.5% floor. The government is trying to change the legal provision so the mechanism no longer operates in the same way. Removing it would alter the guarantee given to pensioners about how their annual payments are calculated. Opposition critics argue that changing the rule would compromise the State’s political neutrality. They fear that a government-controlled pension framework could influence outcomes in a way that favours one political side. The dispute centers on who should determine the scale and cost of annual pension increases.

Opposition argues that removing the legal provision will compromise the State’s neutrality

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