Public sector pensions …if triple lock abandoned.

german_keeper

A quick google shows Section 59 of Social Security Act 1975 provides for public sector pensions to be increased by the same rate as additional pensions (SERP and S2P). As I understand it they aren't covered by the triple lock and usually just increase by CPI. In the last 2 years (didn't go back further) final confirmation appears to have been via a Note from HM Treasury on 12 Jan 21 and 20 Jan 22. So presumably we await similar from HM Treasury in Jan 23. 

Not sure if there would be confirmation before then of the appropriate increases to SERP and S2P which would then need a change to the 1975 legislation not to be carried out. Although I can't claim to be a legal expert.

Mick70

They are more at risk than state pension IMO , many final salary pension annual increases are capped at 5% 

badmemory

drummersdale said:

Great news from Liz Truss, someone renowned for never changing her mind, has changed her mind again so the Triple Lock is staying apparently https://news.sky.com/story/liz-truss-says-she-is-completely-committed-to-the-pensions-triple-lock-at-make-or-break-pmqs-12724415Liz Truss 'completely committed' to pensions triple lock after Hunt fails to make same promise

Frankly I think she should be in a dementia ward.  She doesn't seem to have a clue what she said/promised the day before.  I will believe the triple lock when I see it in black & white (or even colour) that it cannot be changed.  I also wish they would decide if it is 9.7% or 10.1% or is it just some more number juggling.

[Deleted User]

ChocolateWombat said:

Just wondering, if the government do renege on the triple lock for state pensions, if this has an implication for public sector pensions too such as civil service, LGPS, teachers, NHS?

No.  Hope it answers your question.