Government Responds to Committee's Call To Scrap The Triple-Lock Pension

Commenting on the Government response to the Committee’s report on Intergenerational Fairness, Committee Chair Rt Hon Frank Field MP said:  

“We will continue to press for cross-party consensus on the replacement of the triple lock after 2020. The Government is right to say pensioner benefit spending has dipped slightly as a share of GDP, as accelerated increases in the state pension age have kicked in; but official projections show that, without reform, it will rise relentlessly from that point. The triple lock has been valuable but it is unsustainable. The Committee has recommended an alternative which would maintain pensioners’ living standards and protect them from the effects of inflation.”

Full inquiry details: Intergenerational fairness 

The triple-lock guarantees that pensions rise by the same as average earnings, the consumer price index, or 2.5%, whichever is the highest. The Work and Pensions Committee said continuing with it was "unsustainable" and "unfair" on younger families.

Tories were most successful among voters aged 65 or above and Labour only had a clear lead among those in the 18-34 age bracket, per Ipsos Mori. The over 65's were the main group voting to leave the EU. Many young people are indifferent to politics.