Moreover, for those who are widowed over state pension age, and who come under the old state pension system, the pension they now get reflects their late husband’s contributions and can be a full basic pension plus other inherited elements.
Therefore, the full basic pension paid to widows would benefit from the triple lock being maintained as it is.
So removing the triple lock just because it seems expensive or unfair to younger generations will affect millions of older people negatively; something the government should consider when the finances of pensioners are analysed properly.
Worse for women
The figures are even more stark for women, suggesting any triple lock tinkering could leave more women in particular in financial hardship in retirement.
Low wage growth, part-time work, no pay parity and a work environment that until the 1980s required women to leave employment once married or with child, means today's 70 and 80-year-olds rely on state pension increases to help them meet the ever-rising cost of living.
The ONS in 2019 revealed that, for those aged 65 years and over, median pension wealth for pensions in payment for men is double that for women.
Figure 9 of its Wealth and Assets survey showed that men are far more likely to have private pensions than women, and the amount of pension in payment is starkly higher. For those aged 65-69, men can expect £315,300 from their private pensions, compared with £157,900 for women.
Given women tend to have longer lifespans, their lower pension pots have to last longer – so it is unsurprising that state pension increases are so important for women in particular.
Greer states: "We know there already exists a gender gap in pension provision in the UK.
"So saving to a private pension is vital. But that’s not to downplay the importance of the state pension. The FCA’s financial lives survey found that 35 per cent of retired adults cited the state pension as their main source of income. Women are almost twice as likely to say this as men."
While July's inflation figures came in lower than expected, at 2 per cent – bang on the Bank of England's target – costs of comestibles, heating and travel are still rising. So what protections to pension income can the poorest – many of whom are women – rely on?
Another former pensions minister, Baroness Ros Altmann, comments: "It is disappointing to read that the chancellor plans to abandon the triple lock protection for state pensions and remove the promised protection in relation to average earnings.
