Morgan Vine, Head of Policy and Influencing at Independent Age, expresses the charity's major concerns about the government's refusal to commit to the triple lock:
"If the Government breaks its promise, and suspends the triple lock, it would again be a huge blow, particularly for the older people living on low and modest incomes. Government figures show that 5% of pensioner couples and 19% of single pensioners have no source of income other than the State Pension and benefits.
With more than 2 million pensioners already living in poverty and the cost-of-living crisis hitting hard, we know people are being forced to make impossible choices on how to cut back to be able to afford heating, electricity and food.
Rocketing inflation of 10% means the State Pension is already worth much less than it was last year. As prices soar, it is vital the government honours its repeated commitment to reinstate the triple lock from April next year. While the temporary cost of living measures announced in the summer have helped some, people in later life still need better long-term support and reassurance that they will not be left in this unmanageable position again.
The triple lock is there to protect all of us. Scrapping it wouldn’t just harm those currently in retirement. Research has shown that getting rid of it could double the amount a low paid young worker needs to save to avoid poverty in older age. If the triple lock is scrapped, future generations will suffer too.