A senior Conservative lawmaker has urged the party to reconsider its long-standing commitment to the pensions triple lock, describing the policy as financially unsustainable amid growing public spending pressures. The triple lock guarantees annual state pension increases based on the highest of inflation, wage growth, or a fixed 2.5 percent rise. However, the MP suggested this approach adds billions to pension expenditures and risks exacerbating the government’s fiscal challenges.

Speaking at a Westminster event, the unnamed MP argued that maintaining the current triple lock is mathematically untenable over the medium term and called for the Conservative Party to “slaughter some sacred cows” in pursuit of fiscal responsibility. The official characterized the public finances as “perilous” due to recent government actions, signaling that more significant financial reforms, including adjustments to pension policy, may be imminent.

The MP proposed alternatives such as a “smooth triple lock,” which would raise pensions by the average of the three existing measures, or a “double lock” that would increase pensions by the greater of inflation or earnings growth. These options aim to provide modest pension increases to protect retirees’ incomes while reducing the fiscal burden on the state.

Reforming the triple lock would require careful messaging to address concerns among older voters who might perceive any changes as unfair, the MP acknowledged. The party is already prioritizing reductions in other welfare areas, targeting £23 billion in savings primarily through tightening eligibility and restricting benefits to British citizens if it wins the next general election.

These calls for reform come shortly after the British Chambers of Commerce recommended abandoning the triple lock in favor of linking pension increases to inflation alone, estimating that this change could save the Treasury £3.3 billion over two years. Similarly, the Institute for Fiscal Studies highlighted that state pension spending, currently about £154 billion annually, is approximately £16 billion higher due to the triple lock policy.

Despite mounting internal debate, the triple lock remains official Conservative Party policy. In a statement last year, senior Conservative figure Kemi Badenoch reaffirmed the party’s commitment, emphasizing that the triple lock was created by the Conservatives and that they continue to stand by it. When questioned about potential future reforms in November, the party leader responded that “that moment is not now,” signaling no immediate intention to alter the policy.