Nigel Farage has said that an increase in the state pension age is “inevitable”, as the Labour Government casts further doubt over the future of the triple lock. The Reform UK leader expressed concern that pensions are “unaffordable at a national level”, amid warnings that the triple lock may need to be scrapped and retirement age increases brought forward.
His comments came after Work and Pensions Secretary Liz Kendall avoided committing to the triple lock beyond this Parliament. Kendall announced the resurrection of the Pensions Commission, a New Labour-era quango, to examine how to improve private pension saving and reduce pressure on the state system. She also launched a statutory review into when and how to raise the state pension age, potentially paving the way for further or faster increases.
The state pension age is currently 66 and is already set to rise to 67 between 2026 and 2028, and to 68 between 2044 and 2046. Farage said: “We’re going to have to face the reality that if people are living longer and longer, then inevitably retirement age is going to have to rise. I think it’s actually an inevitability, just given where we are.”
Farage also suggested that Chancellor Rachel Reeves might reduce pension tax relief in the autumn Budget to address a fiscal shortfall. He warned that such a move would discourage saving and drive more people to rely solely on the state in old age.
Kendall stressed that the triple lock is “out of scope” of the commission, and that the Government has a “very clear commitment” to it for the entirety of this Parliament. However, the i Paper understands that any changes are unlikely to be agreed before the next election in 2029, making the state pension age and triple lock a potential political flashpoint.
