Think Tank calls on Labour to scrap the triple lock.

 

Labour pledged to maintain the triple lock that annually uprates the state retirement pension, for the duration of this Parliament. It's now being urged by a think tank called the 'Resolution Foundation' to scrap the triple lock.

The Resolution Foundation, was previously headed by Torsten Bell, who is now Labour's pensions minister. Although the UK weekly state retirement pension (the New State Pension), is less than the weekly National Minimum Wage, critics say that it's unsustainable and unaffordable. The Old State Pension is even less generous. The British have one of the least generous state retirement pensions in Europe and work longer before retirement. Many workers don't live long enough to qualify for a state retirement pension.

The UK government saved billions of pounds when they increased the state retirement age for women from 60 to 67. They have also saved billions of pounds by increasing the men's state retirement age from 65 to 67. The triple lock mechanism was introduced by the coalition Con-Dem government of David Cameron and Nick Clegg in 2010.

Any attempt to make Britain's state pensioners poorer, is likely to be reflected in votes at the polling stations. The means-testing of the winter fuel allowance resulted in 10 million pensioners losing the allowance. The policy was reversed when Labour started to lose council seats and votes to Reform UK.