MPs from both parties are concerned about the future of the triple lock, fearing its costs as pension claimants rise significantly.
London: Both Labour and Conservative politicians dislike the triple lock. They worry about the backlash if they try to change it.
MPs know voters won’t forgive anyone who tries to cut it. The triple lock helps millions of pensioners avoid poverty.
This system guarantees that pensions rise each year by inflation, earnings, or 2.5%, whichever is highest. It provided a 10.1% increase in April 2023, matching inflation.
However, as it protects pensioners, critics are quietly planning to end it. The i Paper reported that MPs don’t want to admit the triple lock’s days are numbered.
Official figures show that state pension claimants will increase by 1.7 million in the next decade. This will raise the total from 12 million to 13.7 million by 2032.
As the population ages, costs will keep rising. The i Paper suggests that MPs need to acknowledge the triple lock is no longer affordable.
Some MPs have spoken out, but not for long. Former Tory leader William Hague called it a “runaway train.”
Today’s Tory Shadow Chancellor Mel Stride said it’s “not sustainable.” Yet, publicly, Tories have supported the triple lock.
Critics point out that the state pension has grown 60% since 2010, while average earnings only increased by 40%. It now consumes half of the UK’s benefits bill.
In the last tax year, it cost £110.5 billion, rising to £124 billion the following year. Some argue wealthy pensioners don’t need it.
But cutting it could hurt the poorest, just like the backlash over the Winter Fuel Payment. MPs are scared to threaten the triple lock.
David Sinclair from the International Longevity Centre says MPs are in denial. Keeping the triple lock means they face tough choices: raise the retirement age, increase taxes, or take on more debt.
The Pensions Policy Institute suggests switching to a double lock, removing the 2.5% guarantee. One unnamed MP proposed linking pensions only to earnings.
Tory leader Kemi Badenoch suggested means testing, but faced a furious backlash. MPs are thinking about these issues, even if they don’t say it.
One day, someone will be brave enough to act. We need to stay alert to any changes.
