State pension warning: Triple lock in danger as 3rd lockdown forces 'tough decisions'

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State pension warning: Triple lock in danger as 3rd lockdown forces 'tough decisions'

Peter Cranwell, an IFA at Purely Pensions, commented on this as he looked into what could be on the horizon for pensions in 2021: "Although the Gov

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Peter Cranwell, an IFA at Purely Pensions, commented on this as he looked into what could be on the horizon for pensions in 2021: “Although the Government will be looking to boost public finances and cut costs as the recovery from COVID-19 takes shape, pensions reform is likely to be lower down the agenda.

“The Government has already confirmed the triple lock on State Pensions will remain in place in 2021-22, while the COVID- 19 vaccine rollout and avoidance of a No-Deal Brexit is helping to boost pension values and the savings pots of individuals.”

However, the fact that the triple lock is an expensive promise to keep makes it a prime target for future changes, especially as public debt reaches unprecedented levels.

According to the ONS, Public sector net debt (excluding public sector banks) rose by £301.6billion in the first eight months of the financial year to reach £2,099.8billion at the end of November 2020, £303billion more than in November 2019.

READ MORE: Rishi Sunak ‘likely’ to reduce tax perks on pension contributions



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