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Daily Express - State pension triple lock

ended 01. June 2023

Daily Express is looking for answers to the following questions on the State pension triple lock:

- Is the triple lock a sustainable policy for the next few years?
- What could replace the triple lock?
- What other changes to the state pension are likely? Could it become means tested?
 


 

4 responses from the Newspage community

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Editor
Scott Gallacher
Director at Rowley Turton
Whilst an unpopular opinion, the triple lock is a daft policy. As shown during Covid, it creates situations where state pensions can rise considerably higher than wages or even inflation. And, at some point, it has to be removed or at least modified. Otherwise, if it were followed indefinitely, you'd eventually end up with a state pension higher than average earnings. This might be attractive but would be entirely unaffordable. If pensioners do need additional financial help, it should be targetted by needs and not simply an almost random result of market conditions.
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Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
The triple lock was a policy that Cameron introduced to secure the ‘grey’ vote, it was never meant to last this long as it’s completely unsustainable. No politician it brave enough to scrap it though. Downing Street have a difficult job of balancing pension income with pension age, and as income has increased the age at which you achieve this is pushed further back. The fairest way to distribute state pension would be means testing it, but that would not go down well with those that vote and choosing a level to taper would be crucial.
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David Robinson
Co-Founder at Wildcat Law
The state pension is an unsustainable ponzi scheme. There I've said it. When it was designed the demographics of the UK were substantially different to today. With an ageing population and low birth rate fewer working people are having to support more and more retired ones. In an age where working people are being told to accept that they are "poorer" it is neither fair nor socially sustainable for pensioners to be shielded from this.
Instead, a means-tested scheme must be looked at. We use means testing for so many other forms of state payments already that this would not only be feasible but rapidly achievable. We simply cannot have a situation where some of the poorest in society are working to support some of the richest in society via pension payments.
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Rhys Schofield
Brand Director at Peak Mortgages and Protection
It may very well be unsustainable but when the only age groups with a net positive vote for the Conservatives are 55–64s and voters over the age of 65 it would be political suicide to do anything about it. The government is backed into a real corner after successive administrations that don't seem bothered in appealing or building bridges with people who might be more inclined to vote for other parties.