Sunak plans to halt ‘triple lock’ state pension rule – report

United Kingdom Chancellor of the Exchequer Rishi Sunak (pictured) intends to abolish the “triple lock” state pension rule as it could become too expensive for the country amid the coronavirus crisis, Financial Times reported on Tuesday.

According to the rule, pensions growth in the United Kingdom must increase by the largest of growth in national average earnings, a rise in retail prices, or 2.5%.

British lawmakers adopted the “triple lock” pledge in 2007 under the Pensions Act that was passed on the Conservative Party’s initiative.

Breaking the News / GA