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Press comment: Pensioners to get inflation-busting boost as politically toxic triple lock remains

17/10/2018

Recent earnings and inflation figures this week have revealed the state pensions is set to increase by 2.6% thanks to the triple lock as average earnings in the last year have grown at a quicker rate than inflation, which was 2.4% in September.

Ian BrowneIan Browne, pensions expert at Quilter comments:

Many people will welcome the drop in inflation from 2.7% to 2.4% as what has felt like a suffocating squeeze on cost of living for some will ease. In particular, thanks to the Triple Lock pensioners will get an inflation-busting rise next year with the weekly state pension going from £164.35 to £168.60.

The fate of the Triple Lock has been hotly debated for years. The state pension costs the government an astounding amount and so the Chancellor is undoubtedly tempted to find a way to make a cost saving as he’s somehow has to find money to end austerity and fund the NHS.

This weekend Heidi Allen told the BBC she wanted her party to have the "political nerve" to remove the triple-lock. But she is going to be hard pressed to find appetite for that kind of nerve in the current environment. Touching the Triple Lock is politically toxic and denying pensioners their increase, would do more than rock the boat, it’s likely to capsize it. 

For more information contact

Kathleen Gallagher023 8072 629307990 004932kathleen.gallagher@quilter.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

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