Politicians from both Labour and Conservative parties dislike the “triple lock” policy for pensions but are afraid to take action because they don’t want to be blamed. The triple lock ensures that the state pension increases every year by either inflation, average earnings, or 2.5%, whichever is highest.
This policy has helped millions of retirees avoid poverty, especially during tough times like the recent cost of living crisis. For example, pensions rose by 10.1% in April 2023 and another 8.5% last year.
However, as the policy helps more pensioners, some critics are quietly planning to end it. The i Paper recently reported that MPs are afraid to admit it publicly, but many believe the triple lock is becoming too expensive to maintain.
Official figures show that the number of people claiming the state pension will rise by 1.7 million over the next decade, increasing costs significantly.
Some MPs have spoken out against the triple lock, calling it unsustainable or hard to justify. Former Tory leader William Hague compared it to a “runaway train,” while others have suggested alternatives like raising the retirement age, increasing taxes, or removing the 2.5% guarantee.
However, most politicians avoid discussing it openly because they fear public backlash, especially after the controversy over cutting the Winter Fuel Payment for pensioners.
Experts say keeping the triple lock will force tough choices, like raising taxes or increasing debt. Some suggest replacing it with a “double lock” (removing the 2.5% guarantee) or linking pensions only to earnings. But for now, MPs are too scared to act. One day, though, someone might take the risk—and the public shouldn’t be caught off guard when it happens.
