Triple Lock Pension Under Threat

TRIPLE LOCK PENSION UNDER THREAT  - Following the news that the Government has ditched its commitment to the triple lock state pension, and then the new CPI data showing inflation has hit 10.1%, please see a comment from my client below reacting to both major blows for consumers. I hope you can use it. 

Andrew Megson, CEO of My Pension Expert, said: "The past 24 hours have served up two cruel blows to people's personal finances. The Government announced yesterday that it was no longer going to commit to the triple-lock state pension, which would have seen state pensions increase in line with surging inflation, which we have today learned has topped 10% again.
 
“These are extremely challenging times. Inflation is at eye-watering levels, interest rates are going up and up, and the Government is making us all dizzy with the number of U-turns it is performing. Liz Truss' potential abandonment of the triple-lock just two weeks after saying she was "committed" to it will be a slap around the faces of all those with a state pension.
 
“Financial preparedness is essential as people adapt their plans to the current economic climate. For one, the trend of more people in their 50s and 60s coming out of retirement to bolster their pension savings amid the cost-of-living crisis is expected to continue. I would say that anyone who is worried about the state of their finances should seek help from an independent financial adviser, who will help them make informed decisions. This is particularly true of those approaching or in retirement, who might feel as though their financial plans have gone up in smoke.
 
“All eyes now turn to 31 October and Jeremy Hunt's next fiscal statement. He has acted to calm markets and instil confidence back in the Government's handling of the economy, but he must also alleviate the strain on consumers and pension planners.”

Image: Andrew Merson, CEO, My Pension Expert. 

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