The Government will abandon its Triple Lock on pensions for one year, effectively reducing it to a double lock, to avert an increase in the State Pension of up to 8%.

Average earnings data published this morning by the Office for National Statistics (ONS) has highlighted the difficult decision faced by the Chancellor this autumn when deciding on State Pension rates for April 2022.

Figures published yesterday by the Office for National Statistics (ONS) show that average weekly earnings grew by 6.6% year on year in the three months to May 2021, putting the pensions triple lock under further pressure.

Ex-Pensions Minister Baroness Ros Altmann has warned the government against abandoning the State Pension Triple Lock despite a potential 8% rise on the way.