A triple lock protecting the value of the state pension will remain until at least 2020, the pensions minister has said, despite its implications on the rising cost to younger generations (Pension Adviser Clifton).

The work and pensions select committee met Ros Altman and two other DWP representatives on 27 April to discuss state pension policy, with MPs grilling her over the “intergenerational contract” between those receiving and those paying for pensions.

Baroness Altmann tackled perceived income imbalances between those in work and in retirement, saying the government was trying to get pensioners back to a level that does not leave them poverty.

“It isn’t appropriate to think pensioners incomes should not be protected”, he said. Baroness Altmann also tackled the “myth” all pensioners are well off, suggesting this was accurate probably only for the top 20 per cent.

The triple lock guarantees sees payments guaranteed to increase in line with whichever is the highest of earnings, inflation or 2.5 per cent.

(FTadviser, May, 2016)

Pension Adviser Clifton

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