Two out of three adults are in favour of inflation-linked increases to the state pension in April.
Research by AJ Bell founds that there was widespread support for maintaining the triple lock amongst all age groups — although not surprisingly, there is the strongest support for an inflation-linked rise amongst older respondents.
This research comes ahead of this week’s Autumn Statement where Jeremy Hunt will announce whether this protection will be retained.
The survey showed that 86 per cent of the 4,000 adults surveyed said that the state pension should increase. In total 68 per cent said they backed-an inflation linked increase, while a further 18 per cent thought the increase in the state pension should be lined to earnings growth.
Meanwhile, 3 per cent said they did not think pensions should go up at all next year.
Although support for an inflation-matched increase was strongest among older people, there was still a majority support for this among younger respondents. However in younger age group as many as a quarter did support an earnings-related increase instead.
The triple lock ensures that the state pension rises by whatever is higher, earnings, inflation, or 2.5 per cent. Although maintaining the triple lock was a Conservative manifesto promise it was dropped last year, after furlough and the Covid lockdown led to a far higher than expected one-year increase in average earnings.
With September’s inflation figures at 10.1% maintaining the triple lock would lead to a record-breaking increase in the state pension in April.
AJ Bell calculates that raising the state pension in line with earnings, rather than the higher inflation figures, would save the government around £5bn. However it says this is likely to prove hugely unpopular, particularly among older voters.
During her brief spell as Prime Minister Liz Truss pledged to uphold the triple lock. However, Hunt and new PM Rishi Sunak has subsequently said all options are being weighed up to ensure the public finances are put back onto an even keel.
AJ Bell head of retirement Tom Selby says: “While the chancellor is clearly scrabbling around for potential cost savings ahead of his Autumn Statement this week, attacking the state pension triple-lock would be a serisouly high-risk and deeply unpopular move.
“Unsurprisingly, those over the age of 55 are the most likely to back an inflation-linked boost to the state pension next year, with over eight out of 18 saying the government should stick to its manifesto pledge.
“Support wanes somewhat when you ask younger people but even then inflation protection remains by far the most popular option, backed by over half (52 per cent) of those aged between 18 ad 34.”
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