From Morningstar: 2024-03-25 06:15:00

Jeremy Hunt has promised to include the triple lock for pensions in the Tory election manifesto. The UK chancellor will keep the policy throughout the next parliament, ensuring state pension payments increase by inflation, wages, or 2.5%. Hunt refused to commit to compensating “Waspi” women affected by changes to state pension eligibility.

A report by the PHSO found changes to the state pension age were not adequately communicated, recommending an apology and compensation for affected individuals. However, politicians are hesitant to promise payouts, with the estimated cost of compensation ranging from £3.5 billion to £10.5 billion. Both Labour and the Tories have yet to issue a formal response to the report.

Campaigners are calling for action following the report’s findings, warning PM Rishi Sunak of potential backlash if he ignores the ombudsman’s recommendations. Despite financial constraints, there is a push for fair compensation for those impacted by changes to state pension eligibility. The issue remains ongoing with no clear resolution in sight.



Read more at Morningstar: Hunt Re-Commits Tories to Triple Lock After Election