The future of the policy has been thrown into doubt amid fears that funding the state pensions of a growing older population will drain the public finances. Experts believe that no senior politician will risk talking about scrapping it in an election year due to the potential backlash from voters.
Keir Starmer has said he cannot guarantee it will be in Labour's manifesto - but experts believe that in an election year, no senior politician will risk talking about scrapping it
Nigel Mills, a Conservative MP and member of the Work and Pensions Select Committee, said the triple lock should be kept in place but that the mechanics of it could be tweaked to make it more affordable – such as calculating the rate from a three-year rolling average of both inflation and earnings.He said it would be “too toxic” for politicians to talk about scrapping the triple lock in an election year.
“Whoever is in government after the next election should probably do it, and the opposition should just keep their mouths shut. This meant that over the past two years, the full new state pension has risen by £35 a week, but £31 of that increase was it keeping pace with inflation. “The key to paying for pensions is to have a large tax base with more of the population of working age fit and able to work, paying into the system and helping to fund pensions”.
“It could also be that the Government makes a charge to buy added years, but this should be on more commercial terms than the current system, which is an excellent deal for those buying the years, but not good value in most cases for taxpayers.
Pension Triple Lock Policy Election Public Finances Voters
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