A disagreement over the future of the triple lock on state pensions threatens to derail talks of an alliance between Reform UK and Restore Britain. The two parties, which have considered joining forces to challenge left-wing political coalitions, differ on whether to maintain the existing pension guarantee.
Rupert Lowe, Reform UK founder and former party member, expressed optimism about a potential coalition aimed at confronting what he described as a "looming Left-wing alliance." However, he also indicated a lack of communication with Nigel Farage, former Reform leader, who had promised to follow up but had not yet made contact.
The core issue dividing the parties is the triple lock policy, which ensures annual increases in state pensions by the highest of average earnings growth, CPI inflation, or 2.5%. Reform UK supports retaining the triple lock, emphasizing its importance for pensioners. In contrast, Restore Britain proposes replacing the current system with annual adjustments tied solely to CPI inflation.
Lowe criticised the triple lock as financially unsustainable in the long term, stating that while abandoning it might not be electorally advantageous, it is necessary to preserve economic stability for future generations. He said, “Will it win us votes? Probably not. Is it necessary in order to leave a functioning economy to our grandchildren? Absolutely, yes.”
Reform’s Robert Jenrick defended the policy on social grounds, arguing that it is appropriate to support people who have contributed throughout their working lives. He suggested that the cost could be offset by reducing public expenditure on “waste related to illegal immigration, welfare for those not working, and net-zero subsidies.”
The divergence between the parties raises concerns about the viability of their alliance. Dennis Reed, representing silver voices advocacy groups, warned that voters in the older demographic would reject any party attempting to dismantle the triple lock. “Any party that persists will be fatally wounded,” he said.
Age UK also emphasized the importance of the triple lock in protecting pensioner incomes, especially as many face rising costs of living and have been forced to cut back on essentials. The group described the policy as playing a “vital role in buoying up pensioner incomes.”
Current polling data from YouGov place Reform UK at 23%, slightly ahead of Labour at 22% and the Conservative Party at 19%. The Greens and Liberal Democrats trail with 13% and 12%, respectively, while Restore Britain stands at 4%.
The debate over the triple lock highlights a broader tension within the UK’s pension policy discourse and suggests that any potential political realignment between Reform UK and Restore Britain faces significant obstacles.