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

Charlotte Kennedy, chartered financial planner at Rathbones, believes the triple lock is “living on borrowed time” due to long-term costs.

She said: “The State Pension provides the foundation of retirement income for millions of people, but there is a growing sense that the triple lock is living on borrowed time as concerns about its long-term cost continue to mount.

“The elephant in the room is what this means for future generations of retirees. Many already suspect they may face a less generous State Pension system than today’s pensioners, raising the bar for how much they need to save themselves throughout their working lives.

“That uncertainty is already weighing on people’s minds. Our research found that 49 per cent of affluent UK adults say uncertainty around pension policy makes them anxious and leaves them needing additional support when making financial decisions, while 58 per cent rank changes to tax rules affecting their retirement income among their leading retirement concerns.

“Whether the triple lock survives in its current form or is eventually reformed, people need greater clarity about the future direction of retirement policy so they can plan with confidence.”