A temporary suspension of the State Pension triple lock will come into force next year, going against a pledge made in the Conservative manifesto.

The change, announced by Work and Pension Secretary Thérèse Coffey, is being made due to an anticipated “unusual change in earnings” of more than 8%, caused by the coronavirus pandemic.

The State Pension usually increases each year in line with the triple lock guarantee; this means it will increase by whichever is the higher of the rate of inflation, average earnings or 2.5%.

However, this will be suspended between 2022 and 2023 and, during this time, the State Pension increase will be determined by the higher of the inflation rate or 2.5%, thus breaking a Conservative manifesto promise.

Coffey said the move would ensure "pensioners are not unfairly benefitting from a statistical anomaly", given that wage growth has been artificially boosted by the thousands of workers coming off the furlough scheme and returning to payroll.

The maximum offered by the basic State Pension is £137.60 a week, while the full new State Pension is £179.60 a week.

As far back as April 2020, the Social Market Foundation was calling for a move to a "double lock" on pensions. It argued that "shaving £4 billion from the growth of the £100 (billion) pension bill is not too much to ask" to help aid recovery as the country emerged from the Covid-19 crisis with a mounting annual deficit.

While Coffey was adamant in Parliament that the suspension is temporary, former Shadow Chancellor, John McDonnell said in a tweet:

"Tearing up triple lock sets a dangerous precedent threatening today's pensioners and pensioners of tomorrow."

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