Maike Currie, vice president of personal finance at PensionBee, said: “Abolishing the triple lock is easy to propose, but far harder to execute well.
“The idea of a flexible “lifespan fund”, where pension entitlement is built on work, care and study, may sound appealing in principle, but in practice it risks being debilitatingly complex.
“And complexity in pension policy rarely works in savers’ favour, making outcomes harder to understand, trust and ultimately harder to plan around.
“The latest healthy life expectancy data also casts a long shadow. We are living longer, but not in better health for longer. That means higher costs, longer periods of dependency and more uncertainty for individuals.
“More importantly, these proposals risk funds being accessed before retirement, leaving people without a meaningful safety net. Some form of dedicated support for retirees is fundamental in every country. Blur the line between long-term provision and flexible savings, and you increase the risk of later-life shortfalls.
“The threat of changes to the triple lock should sharpen the focus on individuals saving more into private pensions – whether through workplace schemes or personal pensions – to reduce reliance on the State Pension that may not continue to enjoy triple lock protection forever.”
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