Triple lock to stay until next election but no promise post-2029, says minister

Maike Currie, vice president of personal finance at PensionBee, insists any decision on the pensions triple lock after the next election needs to be done well in advance.

She said: “The Triple Lock has done an important job rebuilding the value of the State Pension, but it was designed as a catch-up mechanism, not necessarily a forever policy.

“Any reform needs to be clearly signalled well in advance. People plan for retirement decades ahead, so you can’t move the goalposts overnight.

“Importantly, this shouldn’t become a young-versus-old argument. If reform is on the table, we need to look at the whole retirement settlement – the State Pension, State Pension age, private pension saving and the thorny issue of social care.

“The challenge is protecting today’s pensioners while ensuring younger generations can build adequate retirement savings and have a State Pension they can rely on too.”