Gauke: triple lock is not viable

THE pension triple lock is no longer a sustainable policy, the new Work and Pensions Secretary has said.

David Gauke said the mechanism would remain until 2020, but would then be “reflected” on.

The Conservative manifesto pledged to abandon the triple lock, under which the state pension rises in line with either wages, inflation or earnings – whichever is highest. It was not mentioned in the Queen’s Speech after the Prime Minister failed to secure a majority in the Commons.

Mr Gauke criticised the “ratchet effect” of the triple lock, leading to “a greater and greater share of GDP going to paying the state pension, even without increases in pensioner numbers”.