Triple lock bombshell should be a wake-up call for workers to take control of their retirement, says LEE BOYCE

Well, there we have it. The cat is out of the bag. The hot political potato that is the triple lock is set to be watered down into something looking more like a double lock, which will be far less generous.It will hit us all, old and young, if the plan goes ahead in 2030.Of course, there is a general election before that, due in 2029, so it might not even see the light of day.One thing you can say about the new-ish Prime Minister is he has been bold to stick his neck on the line with a decision that could send a seismic shock to our retirement planning.He plans to use the savings to fund a national care service – clearly an area of our lives that does need drastic action, with runaway care fees in the past decade a true burden on families. Currently, the triple lock sees the state pension rise by inflation, 2.5 per cent or annual earnings growth – whichever figure is highest.The earnings growth element has been the main driver of recent increases – 4.8 per cent this year and a near nailed-on 3.9 per cent from next April.That highly valuable element is now set to be removed. Bold move: The Prime Minister has pledged to make the triple lock a less generous double lock - and help fund a new national care serviceSix of the 15 increases since 2012 have seen earnings growth used, including 2024 where it went up 8.5 per cent thanks to a post-pandemic bounce in wages.Inflation has been used five times and the 2.5 per cent figure four times.One thing is for sure, if you weren't taking your private pension and own retirement planning seriously before, this should be a huge wake-up call.There have long been talks about the future of state pension and what it will look like for future generations.Things could be worse; there could be means-testing, state pension age hikes, or the removal of the triple lock altogether.But to plug any potential shortfall a double lock creates, you should at the very least ramp up your contributions by 1 per cent.It could make a huge difference in retirement, and your workplace might match it.It's the perfect time to use all the great pension planning tools at your disposal. First stop is to check how much you're putting in and whether you could afford that extra 1 per cent. Don't wait until Budget day. You need to start protecting yourself nowI'm Simon Lambert, publisher of This Is Money, and you need to know that your pension, savings and property could soon be under attack. On October 28, Andy Burnham’s government will set out its Budget. We don't know what they will do, but we do know about tax raids already on the way. The best thing you can do is get prepared. So I've called on some of Britain’s leading financial experts to create my new six-week plan. I'll cut through the noise and take you step-by-step through everything you need to do to protect your money. Don’t wait. Click here and sign up to Protect Your Money now. The beauty of saving for retirement in a private pension is the fact they are incredibly tax efficient.They benefit from government tax relief on contributions at source and grow free of capital gains and dividend tax.Once you've seen what you're doing contribution wise, fiddle around with online calculators – usually offered by your pension provider – to see what kind of pot you're on track for and what extra contributions will mean.Lift the lid to see what you're invested in and use compound calculators to get an indication of what your money might grow to. It might inspire you.My colleague Jeff Prestridge says the death of the triple lock will be a 'bitter blow for many of the country's 13 million pensioners who depend upon the state pension for a majority of their household income and keep the pack of proverbial financial wolves (rising food prices and higher energy bills) from their doors'.It's hard to disagree.You can read more here: How to protect YOUR finances from the end of the triple lockMeanwhile, Rachel Rickard Straus has crunched some figures to show it's the younger generation who'll feel most pain from the end of the triple lock.On the other side of the coin, before this announcement my esteemed colleague Alex Brummer warned the cost of maintaining the triple lock – projected to cost £15billion per year by 2030, more than three times what was originally anticipated – is far too high.He was pained to say it was time to scrap the pensions triple lock.Tanya Jefferies has her rolling guide on the pensions triple lock – you should bookmark this for the latest news and moves.And finally, Jane Denton explains here exactly how the triple lock changes will come into play. The triple lock is one of those terms now so deeply ingrained into British financial lexicon that it has become emotive and important for millions of people, many who believe our state pensions are not generous enough.Research last year by Fidelity International showed the average level of state pension received by someone compared to their earnings while working was just 22 per cent in the UK.In France, Germany and Italy, the figures are 58, 44 and 76 per cent.You can't make a direct comparison as in other countries workplace contributions may be rolled into a state pension system, but it helps highlight why pensioners feel this way.What are your views on the potential end of the triple lock? Get in touch: editor@thisismoney.co.uk