Misryoum reports calls to scrap the triple lock and replace the state pension with a flexible lifespan fund model.
Scrapping the triple lock could be the price of making the state pension fit for modern working lives, Misryoum reports.
A report backed by Sir Tony Blair’s think tank says Britain’s current state pension system is “outdated, increasingly unaffordable, and too rigid” because it largely concentrates state-supported income at retirement rather than across a person’s working life.
The proposal would replace today’s approach with a new “lifespan fund” meant to build entitlement over time through activities such as work, caring and study, potentially allowing people to access support during “critical periods” like unemployment, retraining or time spent caring for family.
The key point is a shift in timing: instead of waiting until retirement to see help arrive, the model aims to spread support to moments when it may be most needed.
Misryoum says the report also argues that the triple lock should be ended to stop the state pension rising faster than earnings growth, setting the system on a different trajectory before the next election cycle.
Under the current rules, the state pension is uprated each April based on the highest of total earnings growth, inflation measured by the Consumer Prices Index, or 2.5%, with the think tank warning that maintaining the mechanism would worsen the affordability challenge.
In this context, Misryoum notes that pension spending projections under the current system are a central driver of the debate, with the report warning of rising pressure on taxes and public services if spending continues to climb.
The think tank estimates its lifespan-fund model would keep long-run state pension spending at a lower level than the existing framework, describing the plan as a way to avoid substantial additional costs over time.
Supporters of keeping the triple lock push back. Caroline Abrahams, director of Age UK, told Misryoum that the triple lock should be retained into the next parliament, saying it has helped improve living standards for some of the poorest pensioners.
Meanwhile, a Department for Work and Pensions spokesperson said supporting pensioners remains a priority and that the government’s triple lock commitment for the rest of this Parliament means many pensioners will see their yearly state pension rise, while pointing to the Pensions Commission’s work on options for future retirees and additional support for those who need help earlier.
This matters because the state pension is not just a policy line in a budget, it is a promise about when support arrives. Whether it remains tightly linked to retirement dates or becomes more flexible could reshape how people plan their later years and the risks they face in between.