Published by Alexander Hitchcock on 18 August 2015
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- The Reformer Blog
26 October 2016
William Mosseri-Marlio writes on the Government’s triple lock pension policy. He argues that the growing costs of the policy are becoming unsustainable, and that the cumulative cost of the triple lock will surpass £20 billion in 2017-18. Beyond this, it will undermine the future sustainability of the country’s finances. Over the next 50 years, the triple lock alone will raise government debt by 26 per cent of GDP.
Instead of continuing with this policy, William argues that the triple lock should be scrapped and the State Pension should be uprated by a relative earnings link, which pegs benefits to a proportion of average wages in the medium term. “This would secure the Government’s core objective – to maintain the relative economic position of pensioners – as well as improve the country’s long-term fiscal outlook.”
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