Liz Truss-backed state pension triple lock supported by 55% but 'generational divide' opens

New PM could restore triple lock increases

Ayesha Venkataraman
clock • 3 min read

More than half of adults (55%) believe the state pension triple lock should stay, however, support for the measure drops significantly among the younger generation, according to a survey from Canada Life.

In September 2021, the triple lock - the mechanism which commits to increasing the state pension by the highest of inflation, earnings or 2.5% - was downgraded to the double lock. However, Liz Truss's recent appointment as prime minister could mean that triple lock will be reintroduced as she had pledged to retain the state pension triple lock until the next general election. A recent survey by Canada Life points to a large generational divide when it comes to this measure, with 78% of over 55-year-olds agreeing it should be maintained, while just a third (33%) of 18 to 34-year-olds s...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Gilt pressure sees DB transfer take-up levels hit 'all time low'

Gilt pressure sees DB transfer take-up levels hit 'all time low'

Average transfer values at the second lowest level since 2015

Jasmine Urquhart
clock 05 December 2023 • 1 min read
OECD urges reform of 'costly' state pension triple lock

OECD urges reform of 'costly' state pension triple lock

State pension change would ease eroded ‘fiscal headroom’

Jenna Brown
clock 30 November 2023 • 2 min read
AJ Bell's Rachel Vahey

The advent gift of new rules for non-workplace pension savers

New set of FCA rules coming into force on 1 December

Rachel Vahey
clock 27 November 2023 • 3 min read