Overview

• Government officials are reported to be readying proposals that could replace the triple lock, even as Labour keeps it in place for this Parliament.
• The Department for Work and Pensions has set up a Pension Commission led by Baroness Jeannie Drake, Sir Ian Cheshire and Professor Nick Pearce, with recommendations due in 2027.
• Mark Pemberthy of Gallagher calls the triple lock unaffordable over the long term because wage or inflation spikes sharply raise the bill.
• Key levers under discussion include changing annual uprating rules, increasing the state pension age, or raising income tax and National Insurance to bolster revenues.
• Recent upratings lifted payments by about 4.7%, and frozen tax thresholds are drawing more pensioners into income tax, intensifying pressure for reform.