- First introduced in 2010 by the Conservative-Liberal Democrat coalition government, the triple lock guarantees that the state pension goes up annually in line with either inflation, wage increases or 2.5 per cent – whichever is the highest.
- However, the triple lock has come under scrutiny in recent months, with some concerned that it is too expensive.
- Speaking in the House of Lords on Friday, Baroness Therese Coffey, the work and pensions secretary from 2019 to 2022, said: “I think sometimes the triple lock gets blamed for a lot of things. To some extent, I would actually probably prefer some kind of double lock.”
- Lady Coffey’s comments came as part of a debate on a committee report on the UK’s preparedness for an ageing society, with peers from across the chamber calling for the end of the lock.
- Responding to the debate, Treasury minister Lord Pitt-Watson said the triple lock was part of Labour’s manifesto promises and “till the end of this Parliament, the triple lock remains”.
