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

The pensions triple lock is “living on borrowed time” due to long-term costs, a finance expert has said.

Defence Secretary Wes Streeting has said the triple lock will remain in place until at least the next election as the Labour Party stands by its manifesto pledges from 2024.

But Streeting also refused to disclose whether it would be included in his party’s next manifesto.

Charlotte Kennedy, a chartered financial planner at Rathbones, 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.”