Phoenix Group comments on the triple lock analysis in The Times
“Decisions around the state pension triple lock carry huge political significance given the impact on a large proportion of the electorate. Over half of retirees derive the majority of their retirement income from the state pension*, so any changes to the triple lock will have a material impact on the day-to-day lives of millions of people.
“When thinking about the costs of the state pension, the government needs to consider two important factors – how much people are paid through the triple lock and what age they will receive it. Decisions to accelerate the state pension age increase to 68 have been kicked into the long grass. Most importantly we need a state pension that provides for those most in need, and to help more people to be in good work up to the age that they are eligible.
“Any change to the state pension must be coupled with further support for the most at risk financially and those least able to remain in work. Our recent research exploring public attitudes towards the state pension suggested future policy interventions must ensure the system is effective, trusted and fair**.”
Notes to editors
*Pensions Policy Institute, Briefing Note Number 125 – Longevity Inequality (2020)
**Phoenix Insights (2023). An intergenerational contract: policy recommendations for the future of the state pension