A prominent think tank has called for the UK government to end the state pension triple lock policy, arguing that its costs have outweighed original expectations. The Resolution Foundation, previously led by Labour’s former pensions minister Torsten Bell, stated that scrapping the triple lock could save around £650 million annually.

The triple lock guarantees that state pensions increase each year by the highest of three measures: average earnings growth, inflation, or a minimum of 2.5%. The policy has been in place to protect pensioners’ incomes from erosion due to rising prices or stagnant wages. However, the Resolution Foundation’s chief executive, Ruth Curtice, described the mechanism as “terribly designed” and contended that the government can no longer afford to maintain it for another parliamentary term. Curtice urged officials to end the policy promptly and redirect the potential savings to other priorities.

The call to remove the triple lock elicited concern from groups representing older citizens. Dennis Reed, head of the over-60s advocacy organization Silver Voices, characterized the proposal as “very worrying.” He expressed apprehension that the Labour Party leadership might attempt to assign responsibility for the country’s economic challenges to pensioners, criticizing them for “having the audacity to live too long.” Reed also emphasized that any such push to abolish the triple lock is likely to face strong opposition.

Responding to the debate, a spokesperson for the Department for Work and Pensions reaffirmed the government’s commitment to the policy, stating that supporting pensioners remains a priority and that the triple lock will be upheld for the duration of the current parliamentary term.

The discussion around the future of the triple lock policy comes amid broader concerns over public spending and economic pressures, with policymakers weighing the sustainability of welfare commitments against fiscal constraints.