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The Chancellor has been considering stripping out so-called one off public sector bonuses from the calculation to shave \u00a3900 million off the bill.<\/p>\n
But many older people will agree with former pensions minister, Sir Steve Webb, that this amounts to \u201cfiddling\u201d the figures.<\/p>\n
Since its introduction 13 years ago, the part of the calculation that links rises to earnings has been based on total pay – including bonuses – over a three month period compared to the same point the previous year.<\/p>\n
To suddenly change that because it is convenient undermines the very point of having a \u201clock\u201d.<\/p>\n
Many voters already have a shaky faith in the protection the funding formula is supposed to provide.<\/p>\n
Although it was painful, the decision taken by Rishi Sunak when he was chancellor to suspend it for one year was at least understandable at the time of a once in a century pandemic that shut down the economy and threw everything off course.<\/p>\n
But since then there have been repeated threats to its existence, first briefly under Liz Truss, then under Mr Sunak when he became Prime Minister.<\/p>\n
READ MORE: <\/strong> Rachel Reeves would like Jeremy Hunt to Foxtrot off to Strictly<\/strong><\/p>\n We launched our first crusade to protect it a year ago and, thankfully, secured victory.<\/p>\n But the whole point of the triple lock is that it means the formula – a rise of at least 2.5 per cent, inflation or average wage increases, whichever is higher – is never even put on the table for discussion.<\/p>\n That we have had to launch a second crusade just a year later to ensure the triple lock is honoured in full is disappointing and readers have shown their anger.<\/p>\n Nearly 280,000 people have backed our petition with Silver Voices.<\/p>\n There will always be a reason, one off bonuses, a difficult year of inflation and so on, to tweak the formula but that is the very reason it was put in place – to stop governments resorting to pitiful increases in tricky times.<\/p>\n Don’t miss… <\/strong> The UK state pension is still one of the lowest in the developed world.<\/p>\n Any changes to the formula now will render any future triple lock promise in an election manifesto completely meaningless.<\/p>\n For a government struggling in the polls, alienating one of the key groups of voters who may be willing to back them would be unwise at the very least.<\/p>\n
Triple lock storm as Hunt considers slashing next year\u2019s state pension hike[PERSONAL FINANCE ] <\/strong>
POLL – Should Jeremy Hunt protect triple lock on pensions in Autumn Statement[POLL] <\/strong>
‘Stop being so defeatist’ Jeremy Hunt loses it on air with Sky News’ negativity[POLITICS ] <\/strong><\/p>\n\n