Calls for urgent reform to pensions triple lock

The pensions triple lock needs urgent reform to stop distortions from coronavirus handing a pair of bumper payouts to retired households while the workers paying for it suffer, former pensions ministers have warned. State pension payouts rise by the highest of annual inflation, wage growth or 2.5pc. With wages falling and inflation sliding, that means pensioners can expect a 2.5pc rise next year. If wages come back strongly next year, with those on furlough seeing their pay rise from 80pc of its