Sarah concluded by examining what options may be available to the Government: “The Government has the option of taking double-digit pension rises on the chin, making temporary changes to the formula to ease the pension rise next year, or tweaking the triple lock itself.
“The triple lock is the bedrock of people’s retirements, so any questions over its future are bound to raise the alarm.
“However, it’s also politically difficult for the Government to touch it, so it will be wary of making major changes.
“One option would be to tweak the formula to account for smoothing of earnings. This allows the Government to maintain the triple lock, whilst simultaneously reducing its potency and any unanticipated consequences as a result.”