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The triple lock guarantee has been "three times as expensive" as originally forecast in 2010, leading financial expert to fear it could be on the chopping block.

Originally introduced by the Conservative and Liberal Democrats coalition government 15 years ago, it is now in a "vicious circle" of "paying higher taxes" to benefit retirees.

This is due to the fact that the state pension increases every April in line with whichever is the highest of total earnings growth between May and July of the previous year, based on the Consumer Price Index (CPI) inflation the previous September, or 2.5%.

IEA executive director Tom Clougherty warned: "The triple lock was meant to be a small political flourish.

"It's turned out to be three times as expensive as the Office for Budget Respo

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