Reform UK's new economic adviser has suggested that the state pension triple lock is "unsustainable". Robert Jenrick has appointed Mitchell Palmer from the Adam Smith Institute as one of his aides. Mr Palmer has previously questioned the measure, which ensures the state pension rises every April by the highest of three economic factors: average wage growth, inflation (based on the Consumer Prices Index from the previous September), or 2.5%.
Adviser's criticism of the triple lock
He told GB News in April that he did not agree with Mr Jenrick's backing of the lock, saying: "The triple lock is an expensive way to ensure that pensioners have dignity in their retirement. There are ways that you can do that without the unpredictable ratcheting effect that the triple lock has. Pensioners almost by definition are made better off in real terms than workers and that obviously is, one, unsustainable as the number of pensioners that each worker has to pay for increases, but, two, can be seen by those younger generations as somewhat unfair."
A Reform spokesperson told The Guardian: "Unlike the Guardian, Robert believes in hiring smart people with whom he disagrees."
Defence of the state pension
It comes after the director of Silver Voices, an independent, individual membership organisation for senior citizens, Dennis Reed, told The Express that the state pension is "far too low", and if the state pension was of a similar level to that in other developed countries, there would "probably be no need for the triple lock". "But as it is, the triple lock is a necessity," Mr Reed added. Suggesting that the triple lock is unaffordable is "nonsense", he said.
The expert added: "All this is political choices, and it just so happens that people are picking out the state pension and pensioners, as to the reasons why we're in the economic malaise that we're in, which is obviously not the case at all. There are billions of pounds of public spending. It's a political choice, whether you actually put that money into giving older people a decent retirement in dignity, or you put it somewhere else."
Government commitment
In July, the Prime Minister, Andy Burnham, said regarding the triple lock: "I appreciate there's a lot of debate about this but it is important that the commitment in the manifesto stands." The 2024 Labour manifesto stated that the party will "retain the triple lock for the state pension".
