is a government policy which states that the state pension rises each year by the highest of average earnings growth, inflation, of 2.5 per cent. Both the Labour and Conservative parties have pledged to keep it if they win July’s general election.
My Pension Expert, a financial advisory firm, which commissioned the polling, said the data were a “wake-up call” to MPs and that greater clarity was needed in pension policy. “That so few over-forties know precisely what the triple lock is ought to be a wake-up call to MPs. We need a shift towards greater consistency and clarity when it comes to pension policy – something that would help people plan effectively. This must then be supported through better access to financial education, guidance and advice for everyone.Political parties should work more constructively together to deliver genuine cross-party collaboration on boosting financial literacy.