The minister who initially approved the pensions triple lock has suggested that he doesn’t believe there’s a case for maintaining it “indefinitely”.
Former Liberal Democrat MP Sir Steve Webb, who served as pensions minister in the coalition government, thinks there is still a case for keeping it now, and there is still “a pretty low state pension” in the UK.
But he also suggested that the triple-lock rule made sure that every year: “I didn’t have to go and beg for George Osborne to give me a bit more money”.
Webb believes the triple lock still has a role to play but that there could be a point when it is no longer necessary.
The triple lock is a rule that makes sure the state pension rises each year by the highest of three measures: 2.5 per cent, inflation, or average earnings.
This system was put in place to help protect pensioners from the rising cost of living.
The state pension triple lock should not be kept ‘indefinitely’, Sir Steve Webb claims
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Speaking on BBC Radio 4’s Today programme, Webb explained why the triple lock is important, particularly for those with low pensions.
He said: “I think there is a case for keeping it now, but not indefinitely. It was a formula that made sure every year when I was a minister I didn’t have to go and beg for George Osborne to give me a bit more money for the pension because there was a rule.”
This means that the triple lock helped ensure that the state pension increased each year without needing to rely on government decisions or arguments.
However, Webb also pointed out that the state pension in the UK is still relatively low compared to what people need, and that many people also have poor private pensions to rely on.
He added: “We still have a pretty low state pension and pretty poor private pensions on top.” He suggested that when the state pension reaches a higher level, it might make sense to stop the triple lock, but for now, it is still needed.
On the topic of other potential changes to pensions, Webb strongly opposed the idea of means testing. Means testing would involve checking people’s wealth before deciding if they should receive the state pension, and he called it a “terrible idea in the British system.”
Meanwhile, Conservative Party leaders, including Kemi Badenoch, have faced criticism for suggesting that means testing could be introduced in the future.
When asked about the triple lock’s future, Badenoch said it was something the Government would look at.
Conservative Party chairman, Nigel Huddleston, defended Badenoch, but acknowledged that the long-term cost of the triple lock is a concern.
He said: “Over the long term these are exactly the things we’re looking at, but the Conservative Party has a long and proud history of supporting pensioners.”
The UK Government has made it clear that they are committed to the triple lock for now.
Downing Street said on Friday that Prime Minister Sir Keir Starmer is: “Committed both to the triple lock and the principle of people receiving a state pension based on the contribution they have made over their lifetime, regardless of wealth”.
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