2 in 3 back State Pension Triple Lock
Over two thirds (68%) of adults want the State Pension raised in line with inflation in tomorrow’s Autumn Statement, according to a new poll.
The majority (86%) of 4,000 adults surveyed by Opinium for platform and SIPP firm AJ Bell felt the State Pension should increase next year.
One in five (18%) of those surveyed suggested raising State Pension income in line with wage growth instead of inflation.
Although support for an inflation-matched increase was strongest among older respondents, the majority backed maintaining the Triple Lock in every age group.
The survey comes as the Government comes under pressure to confirm its commitment to maintaining the Triple Lock as the Chancellor prepares tomorrow’s Autumn Statement.
The Conservative Party committed to maintaining the Triple Lock in its 2019 manifesto.
The mechanism guarantees the State Pension will increase each year in line with the higher of inflation, wage growth or 2.5%.
During her short stint as Prime Minister Liz Truss pledged to uphold the Triple Lock but this has been cast into doubt as new Prime Minister Rishi Sunak and Chancellor Jeremy Hunt consider their options to fill the black hole in the nation’s finances.
Increasing the State Pension in line with CPI inflation next year would see it rise by over 10% to over £10,000 per year for the first time.
Should the Chancellor break the Triple Lock commitment, the State Pension would increase by around 5%, in line with wages.
Tom Selby, head of retirement policy at AJ Bell, said: “While the Chancellor is clearly scrabbling around for potential cost savings ahead of his Autumn Statement this week, attacking the state pension Triple Lock would be a seriously high-risk and deeply unpopular move.
“Unsurprisingly, those over the age of 55 are the most likely to back an inflation-linked boost to the state pension next year, with over 8 in 10 saying the Government should stick to its manifesto pledge.
“Support wanes somewhat when you ask younger people, but even then inflation protection remains by far the most popular option, backed by over half (52%) of those aged 18-34.
“Of course, ditching the Triple Lock and increasing the State Pension in line with average earnings would save the Exchequer a pretty penny - somewhere in the region of £5 billion. And because the State Pension would be permanently lower, that saving would be made every year.
“However, given the likely backlash this would generate, particularly among older voters, Jeremy Hunt may want to look elsewhere as he attempts to balance the UK’s books.”
• Opinium surveyed 4,000 UK adults on behalf of AJ Bell between 8 and 11 November.