MINISTERS are on a collision course with Britain’s 12million pensioners over plans to downgrade the triple lock promise.
Pensions Secretary Mel Stride admitted the flagship Tory policy since 2011 was “not sustainable” in the long term.
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And he warned OAPs might not get an expected 8.5 per cent rise next year.
Under the triple lock, pensions are supposed to rise by whichever is highest out of inflation, wage growth or 2.5 per cent.
Yesterday, official figures showed average earnings are up by 8.5 per cent — raising hopes among OAP groups that this will be the pension rise in 2024.
But Mr Stride is plotting to exclude millions of bonuses handed to public sector workers to end strikes from this calculation, and instead use a lesser figure of around 7.8 per cent.
This would mean a hike of £826 a year rather than £901.
Mr Stride said he would take into account the “affordability and the position of the economy” before approving any rise.
Last week, PM Rishi Sunak refused to say if the triple lock would remain in the next Tory manifesto, with Labour also stopping short of that commitment yesterday.
Former Conservative leader William Hague — Mr Sunak’s mentor and confidant — yesterday advocated scrapping the expensive system, sparking fears among MPs that the PM is ready to ditch it.
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Amid a growing row, Mr Stride said last night: “The overarching point about the triple lock is that we remain committed to it.”
Many Tories fear ditching the triple lock would trigger an electoral backlash.
The Conservatives have a strong support base among older voters — seen as crucial to any path to re-election.
One Tory MP said: “We shouldn’t touch it. It would be madness.”
But others see the triple lock as unfair for making poorer workers foot big rises for wealthier OAPs.
TaxPayers’ Alliance boss John O’Connell said: “The triple lock is placing unsustainable pressure on the public finances, limiting scope for much needed tax cuts which would benefit everyone.”
