Pensions triple lock no longer necessary

Commenting on the House of Lords Intergenerational Fairness and Provision Committee report ‘Tackling intergenerational unfairness’, John Taylor, President-elect at the Institute and Faculty of Actuaries, said:

“The IFoA supports the recommendation in this report to remove the triple lock on the State Pension and move to a system where it is uprated annually in line with average earnings. The introduction of the New State Pension in 2016 restored the level of the State Pension in relation to wages and means that the triple lock should no longer be necessary.

“It should now be a priority to ensure the State Pension remains sustainable and affordable over the long term. Removing the triple lock would be an important first step in ensuring the sustainability of the State Pension for future generations.”

-ENDS-