Pat McFadden Calls Triple Lock Pension Reform Inevitable

Work and Pensions Secretary Pat McFadden stated that reforming the pension triple lock is inevitable and the "right answer to a difficult question." The government intends to adjust the triple lock in April 2030, ensuring pensions rise by the highest of inflation, 2.5%, or the amount required to maintain record high levels against average earnings. McFadden asserted that pensioner poverty is set to fall under the current government plan.

These developments precede the October 28 Budget to be presented by Chancellor John Healey. In a separate proposal, the Institute of Economic Affairs released an Alternative Budget recommending a freeze on the State Pension and the phasing out of defined-benefit pensions to manage national debt and the deficit. The think tank also proposed freezing welfare spending in cash terms and reducing its ceiling by 0.85% annually over three years.