The Department for Work and Pensions (DWP) has been told to scrap a state pension rule dating back to 2010. A big shake-up of the DWP state pension system has been proposed by the Institute for Fiscal Studies.

The IFS Pensions Review, alongside abrdn Financial Fairness Trust, have suggested the triple lock - which dates back to the Liberal Democrats and Conservative Party coalition government - should be axed.

Under the triple lock, pension payment rates go up every year by either the rate of inflation, average wage growth or 2.5 per cent; whichever is the highest.

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The IFS has suggested the Labour Party government establish a specific benchmark for the new state pension relative to typical wages, with the current

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