Jon Greer, head of retirement policy at Old Mutual Wealth, said: “The Conservatives have taken a bold step in committing to replace the triple lock. The main issue with the triple lock is that it guarantees the state pension will rise by 2.5% no matter what.
“The double lock removes this ratchet effect, however, the state pension will still rise faster than both earnings and prices in the long run, because of inflation, according to projections from the Office for Budget Responsibility.”
