The Resolution Foundation, a left-leaning think tank formerly led by Labour's pensions minister Torsten Bell, has called for the state pension triple lock to be scrapped, arguing it is a 'terribly designed policy' that costs too much. The policy, which guarantees annual increases in line with the highest of earnings growth, inflation or 2.5%, would be replaced by a 'smoothed earnings link' based on wage increases and inflation, the group said.
Chief executive Ruth Curtice claimed that abolishing the triple lock would save £650 million a year by the end of this parliament, enough to double support for young people not in education, employment or training. 'We cannot afford to keep this policy for another Parliament,' she said, urging the Government to 'call time on the triple lock as soon as possible'.
However, the proposal was condemned by Silver Voices, a campaign group for older people. Director Dennis Reed described it as a 'very worrying intervention' and suggested it had tacit backing from Downing Street, noting former Resolution Foundation chief Torsten Bell's influence in government. He warned that any attack on pensioners would be politically damaging.
The Labour government has committed to retaining the triple lock for the duration of this parliament, while Reform UK has pledged to keep the policy if it wins the next general election. A Department for Work and Pensions spokesperson said supporting pensioners is a priority and that the newly passed Pension Schemes Act will benefit millions of workers.
