State pension warning: Triple lock in danger as 3rd lockdown forces ‘tough decisions’ | Personal Finance | Finance

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Peter Cranwell, an IFA at Purely Pensions, commented on this as he looked into what could be on the horizon for pensions in 2021: “Although the Government will be looking to boost public finances and cut costs as the recovery from COVID-19 takes shape, pensions reform is likely to be lower down the agenda.

“The Government has already confirmed the triple lock on State Pensions will remain in place in 2021-22, while the COVID- 19 vaccine rollout and avoidance of a No-Deal Brexit is helping to boost pension values and the savings pots of individuals.”

However, the fact that the triple lock is an expensive promise to keep makes it a prime target for future changes, especially as public debt reaches unprecedented levels.

According to the ONS, Public sector net debt (excluding public sector banks) rose by £301.6billion in the first eight months of the financial year to reach £2,099.8billion at the end of November 2020, £303billion more than in November 2019.

READ MORE: Rishi Sunak ‘likely’ to reduce tax perks on pension contributions

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