New research from PensionBee reveals a sharp generational divide over the future of the State Pension triple lock, highlighting the growing challenge for the Government as it prepares its Autumn Budget against a backdrop of strained public finances.
The debate continues to intensify despite the Government’s repeated assurances that the triple lock would be maintained until the end of parliament.
PensionBee’s survey exposes a stark age chasm over support for the triple lock, with support for maintaining it growing sharply with age - 21% of the youngest adults (18-24) are in support compared to 82% of those over 65, a nearly four-fold difference that reflects both differing priorities and lived experiences of economic security.
Despite its overall popularity, with nearly half (48%) of respondents citing the continuation of the triple lock as a priority in pensions, there is growing public support for reform. In the context of keeping the state pension sustainable, more than one in four (27%) respondents wanted the triple lock to be restricted to lower-income pensioners while scaling it back for wealthier retirees. This points to a willingness to explore means-tested or targeted approaches to protect those most in need.
Younger age groups are especially likely to support conditional models. Over a third (34%) of 25-34 year olds back capping the triple lock during periods of high inflation, while a quarter (26%) of 18-24 year olds believe it should only apply when the economy is growing strongly, compared with just 2% of over-65s.
Meanwhile, across all ages, a third (33%) of respondents support scrapping the triple lock entirely in favour of inflation-only uprating, suggesting a significant proportion of the public is ready to move on from the current model if it cannot be sustained.
The findings underline that the triple lock has become more than just a pensions policy, it is now a flashpoint in the wider debate about intergenerational fairness, tax burdens and sustainability.
With the Autumn Budget looming, the Government faces mounting pressure to reassure today’s retirees while addressing growing unease among younger taxpayers who fear being saddled with the cost of generous pension increases they may never benefit from themselves.
Lisa Picardo, Chief Business Officer UK at PensionBee, commented:
“These figures expose a growing generational fault line around the triple lock. For many older savers, it is a lifeline that must be protected at all costs.
While younger people may favour adjustments to how it is delivered, the reality is that in the short term, the triple lock is here to stay.
What is clear is that the debate has moved beyond whether the triple lock should exist. The real question now is how it can be made sustainable, fair, and fit for the future.
Policymakers must strike a careful balance: protecting the dignity of today’s and tomorrow’s retirees on one hand; and on the other, solving for sustainability and the weight of the tax burden borne by those contributing into the system now and in the future.”
