Labour to look at 'alternative' to triple lock as 'reform is needed'

Labour to look at 'alternative' to triple lock as 'reform is needed' View Image

The Government may soon be presented with an alternative to the triple lock policy. The measure guarantees state pension increases each April based on whichever is highest among three figures: average earnings growth, inflation rates, or 2.5 per cent. However, as the costs of the state pension continue to mount, experts fear the triple lock may soon become unviable.

Mark Pemberthy, benefits consulting leader at insurance advisory firm Gallagher, described the policy as "unaffordable over the long term". He outlined his reasoning: "When wages or inflation spike, the bill for the Government rises dramatically.

"With public finances already under strain, reform is needed soon to avoid placing an unfair burden