Sir Steve Webb, the former pensions minister under the coalition government and architect of the triple lock, has come out strongly in defense of the policy. He cautions that abandoning the triple lock at this time would be “a disaster” for retirees.
The triple lock guarantees that state pensions increase each year by the highest of inflation, average wage growth, or 2.5%. While the policy faces criticism for being financially unsustainable and unfair towards younger generations, Webb argues it remains crucial, at least in the short to medium term.
“The triple lock cannot last forever,” Webb acknowledges, “but scrapping it now would trigger a retirement disaster.” He highlights stark statistics to support his position: switching to an earnings-linked system without the triple lock could increase the number of pensioners falling short financially by over four million, rising the total to around 19 million. If pensions were instead linked solely to price inflation, that figure could climb to 26 million—over three-quarters of the working-age population.
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Webb emphasizes that such outcomes would force millions to sharply tighten their budgets once they can no longer work, exposing deep flaws in the current pension system.
This defense comes amid recent political debates, with Treasury Minister Dan Tomlinson dismissing calls from former Prime Minister Tony Blair to curb the triple lock. Tomlinson argued that pension increases remain financially sustainable and highlighted progress on government environmental policies since Blair’s tenure.