- 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.
- It comes as the PM has been told to scrap the triple lock to fund a costly social care system that he wants to create.
- Darren Jones, the former chief secretary to the prime minister, told the BBC: “An interesting thought, maybe the triple lock is very expensive in the years ahead and there’s a benefit to older people. If you’re reallocating money to help older people in the social care system, maybe there’s some reform that could be made there.”
- However, Wes Streeting has vowed the pensions triple lock will remain in place as he delivers his Labour conference speech.
- When asked on Sky News if the triple lock could be looked at to fund other areas such as defence spending or social care, Streeting said: “The manifesto was clear on this – we’re committed to the triple lock.”
IN FULL
