Former pensions minister urges triple lock changes

Steve Webb, pension minister from 2010 to 2015 and one of the key figures behind the introduction of the triple-lock pension policy, is calling for it to change.

In a report for Royal London, Webb, pictured, now a director at the company, says the lock – which sees the state pension rise in line with wages, inflation or by 2.5%, whichever is highest – should stay in place for pensioners who retired before 6 April 2016 but those retiring after that date would have their pension increases linked to earnings only.

Webb says the move would save almost £3bn per year by 2028 and that, because newly retired pensioners are on average £100 per week better off than those aged over 75, the policy would increasingly target money on the older, poorer group.

“There’s a big difference between pensioners who retired 20 years ago… for whom the state pension really matters, and someone who just retired,” Webb told the BBC: “This is the first time that someone has said anything other than scrap it or keep it.”