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A growing number of backbenchers are sympathetic with the situation faced by Chancellor Rishi Sunak. They are prepared to back him on temporary measures to stop state pensions soaring by up £746.20 a year.
Their support will be a relief for Mr Sunak who has been looking at whether to scrap the Conservatives’ manifesto pledge.
The Conservatives pledged to raise pensions by 2.5 percent, the rate of inflation, or average earnings, whichever is highest, at the 2019 election.
The pledge was originally made by the Conservatives in 2010 and has remained Government policy ever since.
Earnings have been distorted over the past 16 months due to the number of workers on furlough.
READ MORE: TV Licence scam spreads as pensioners meet new payments this week
With millions returning to work, earnings are set to be artificially boosted by up to eight percent.
One Tory MP told this website: “The rise is silly based on the unusual circumstances we’ve just had.
“The biggest problem is that changing it may isolate some of our core voters. It needs a workaround.”
Another said: “I wouldn’t have thought it can stay as it is.”
They suggested a good compromise would be to introduce a temporary pensions tax, allowing the Treasury to recoup come of the cost of the policy.
They said: “Wealthy pensioners will pay a proportion of it back in tax, poorer pensioners who need it will keep all of it.
READ MORE: PM warned to leave pension triple lock or face losing older voters
“They’re looking at different ways to measure it, like a three-year average on pay increases,” another former cabinet minister said.
Hinting that such a change to the pensions formula is under way, the Prime Minister’s official spokesman yesterday admitted the numbers were “under review”.
He said: “We’ve got to ensure fairness for both pensioners and taxpayers.
“The Chancellor has said previously that the triple lock is Government policy.
“But we’ll recognise people’s concerns.
“We will obviously keep figures and numbers under review, as we always do, and take any decisions at the appropriate time.”
However, despite growing numbers, not all Tory MPs are on board with a change to the triple lock.
“Once you’ve made commitments in your manifesto, I think you’ve got to be very careful how you’re altering it,” one said.
“I’d have a re-evaluation of lots of other costs like HS2 before I’d start unpicking the triple lock.”
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