The ‘triple lock’ makes the state pension too expensive and unpredictable and ministers should replace it with a new target level and wider overhaul of the pensions system, a study has recommended.
Raising the state pension age from 65 to 66 pushed nearly 100,000 65-year-olds into income poverty, leading to calls for more support for people in their 60s to find work.
Campaigners have lost a High Court challenge on Westminster’s decision to raise the state pension age for women from 60 to 65, which could have cost the government £215bn.
People currently under the age of 30 might have to wait until 70 to qualify for a state pension, if ministers adopt a report from the government’s risk assessment department.
Ending the triple lock on state pension increases will only lead to small savings for government and would not end the pressure for above-inflation increases, pensions consultants Hymans Robertson...
The state pension triple lock will increasingly skew the economy in favour of older people against the young and should be scrapped, the work and pensions select committee has said.
