"He has also said he’ll honour Manifesto commitments, which included the triple lock, although the earnings component was suspended last April."
The Government has refused to make any commitments to the state pension triple lock before the Autumn Statement next month.
Yesterday, new prime minister Rishi Sunak's press secretary said that any decision on the triple lock would be "wrapped up into the fiscal statement" on 17th November.
Protecting the triple lock means pensions will rise in line with inflation which was 10.1% in September, traditionally the figure used to calculate the following April's pension rise. The move is thought to mean that pensions will cost the government an additional £4bn - £5bn in comparison with raising the pension rate in line with average earnings.
When asked about the triple lock on Sky News this morning, Nadhim Zahawi, the new Conservative Party chairman, also refused to outline the government's plans, but hinted that it could be protected.
Zahawi said: “I think it would be unwise of me to preempt the autumn statement. This Government is about responsibility and sustainability.
“What I would say to pensioners watching this morning is both the Prime Minister and the Chancellor are very much aware, and I am going to state the obvious here, pensioners are uniquely unable to work to add to their income, improve their income.”
Just last week, then prime minister Liz Truss committed to protecting the pensions triple lock, contradicting Chancellor Jeremy Hunt's earlier remarks that he could not commit to raising state pension payments in line with inflation.
Steven Cameron, pensions director at Aegon, commented: “The triple lock U-Turns continue with state pensioners now being told the Government won’t make any commitments ahead of the 17th November autumn statement. This comes after previous Prime Minister Liz Truss committed to honouring it the day before resigning, now replaced by Rishi Sunak.
"The eventual outcome after so many twists and turns is too tough to call. On the one hand, Rishi has said he is seeking to deliver confidence and security, but further uncertainty over the triple lock offers neither to state pensioners. He has also said he’ll honour Manifesto commitments, which included the triple lock, although the earnings component was suspended last April.
"On the other hand, no-one doubts the hugely difficult challenges the Government faces in balancing the books and today’s state pensions are paid from the National Insurance collected from today’s workers, not from some huge accumulated pot. Those pensioners heavily or totally reliant on the state pension are most at risk here, highlighting the benefits to today’s workers of making the most of workplace pensions.”
