A century of the state pension – and why the next redesign is overdue

'A pension promise only works if contributors believe it is fair and durable'

clock • 4 min read

As the state pension turns 100, Adam Cole argues reform is needed. The triple lock has served a political purpose and delivered real gains, but it is unsustainable, he explains

As the pensions industry spends most of its time looking forward, 2026 offers a rare excuse to look back. Just over 100 years ago, parliament passed the Widows', Orphans' and Old Age Contributory Pensions Act 1925, a milestone that helped shift the UK from a limited, largely means-tested safety net towards a national system based on contributions and pooled risk. It was not simply a technical reform. It reflected a recognition that old-age poverty, the death of a breadwinner and insecure work were risks individuals could not sensibly manage alone. The state stepped in to mutualise tho...

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