The Tony Blair Institute has proposed scrapping the state pension's triple lock and replacing the entire system with a "Lifespan Fund" in a major overhaul. The think tank argues the current state pension, established in 1948, is "outdated, increasingly unaffordable, and too rigid" for contemporary lifestyles.
Triple Lock Under Fire
The triple lock, which guarantees annual state pension increases, is deemed unaffordable by critics. The TBI states it cannot continue after the next election. The report warns that the cost of the state pension could rise by an additional £85 billion annually by 2070, as the number of pensioners is projected to increase significantly.
Proposed Lifespan Fund
The proposed "Lifespan Fund" would allow individuals to build entitlement through various life activities and offer flexibility in when and how they access their pension, with payments adjusted based on age and health. Tory leader Kemi Badenoch has indicated she is looking at means testing the triple lock.
