State pension payment rates for 2023 – how much pensioners will receive | Personal Finance | Finance

“The state pension was too low but it’s now catching up and if the triple lock stays in place for the next two or three years, I suspect it will get to a point where on an average basis, it’s there or thereabouts. Once it gets to that point, I think they will get rid of the triple lock.”

He said it makes sense for ministers to scrap the policy at that point, as otherwise, state pension payments would soon grow beyond the income of the average Briton.

The financial expert said: “If you follow through the logic of it naturally, if the triple lock stayed year after year, the state pension would run away.

“You would have people retiring, relative to the average earner, seeing the value of what they’re getting going up and up.

“Arguably with an ageing population, the state couldn’t afford that anyway in the longer term. I think it will stay for three or four years but I think it will ultimately go.”

Check Also

Scottish power slammed as they secure warrants to force fit prepay meters into homes | Personal Finance | Finance

Scottish Power’s drive to force Prepayment Meters (PPMs) on customers has been labelled obscene by …