Fears millions of pensioners could be denied £901 cash boost under triple lock threat

MILLIONS of pensioners could be denied a £901 cash boost as fears mount over the fate of the triple lock.

The expected 8.5 per cent increase to pension pots risks being cut to 7.8 per cent under tweaks being considered by ministers.

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It would mean Britain’s 12million OAPs receiving a £826 annual hike in the state pension rather than the expected £901.

Rishi Sunak has insisted he remains committed to the triple lock, which increases the state pension by whatever is highest from inflation, wages or 2.5 per cent.

As wages have finally outstripped inflation, it should see retirees get an 8.5 per cent increase next April.

But the PM is understood to be mulling a move to strip out bonuses from the average earnings figures – a lower figure of 7.8 per cent.

It would save the Treasury around £2billion after forking out for one-off bonus payments for NHS staff to end the strike deadlock.

But it risks enraging the Tories’ OAP voter base heading into an election year.

Ministers have not denied the move is being considered, with a spokesman saying: “The Government is committed to the triple lock.

“As is the usual process, the Secretary of State will conduct his annual review of benefits and state pensions using the most recent data available.”

This post first appeared on thesun.co.uk