Royal London director of policy Steve Webb has called on the Department for Work and Pensions (DWP) to issue a clear policy statement on how the pension triple lock is calculated. The triple lock policy determines how much the State Pension is to be increased by every year.
|Full 'new state pension'||£164.35||£168.65|
|Old 'basic state pension'||£125.95||£129.25|
Webb said: “It is annoying that such uncertainty exists and we need DWP to give clarity on what figures it uses to calculate the triple lock. We calculate that using July figures instead of August leaves pensioners £100m worse off. It doesn’t make sense that out of date data should be used.”
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.
At Royal London, we’re proud to champion the value of impartial advice. We believe it plays a crucial role in connecting people with the products that are right for them – and is key to delivering better outcomes and experiences for our customers. At the same time, it helps to build trust in our products and services.
Royal London works alongside advisers not in competition with them. That’s why we’ve made some key commitments to the intermediary market. You’ll find more detail on our commitment to advisers at http://adviser.royallondon.com/campaigns/our-commitments/