Government’s cost-of-living champion urges Labour to cut pensions triple lock

Maike Currie, vice president of personal finance at PensionBee, said: “Recent weeks have seen growing calls from former prime ministers, politicians and policymakers to rethink the triple lock, highlighting that no pension policy should ever be taken for granted.

“It’s important not to present this as a choice between supporting pensioners and supporting younger people. Rising youth unemployment and the growing number of young people who are not in education, employment or training are complex, structural challenges that require targeted solutions.

“Pensioners also need protection against inflation, particularly those who rely heavily on the state pension, so any reforms to the triple lock should be carefully considered and accompanied by a clear, credible alternative that gives people confidence to plan for the future.

“The ongoing debate over the triple lock highlights an important reality: pension policy can and does change. There have been reforms to the state pension age, National Insurance rules and tax allowances over the years.

“While the triple lock remains in place today, no government can guarantee what the system will look like decades from now. The state pension should be viewed as an important foundation, but it’s your private pension that provides greater choice, flexibility and financial resilience in later life.”