Treasury minister Torsten Bell has stated that the Conservative Party would be forced to increase the state pension age beyond 70 if they maintain their commitment to the triple lock without reforms. The triple lock guarantees annual state pension increases based on the highest of inflation, 2.5%, or earnings growth.
Labour has introduced reforms to the triple lock framework, with initial savings directed toward funding a national care service. The Conservative opposition has criticized this approach, insisting they would preserve the existing triple lock structure. Bell countered by noting that government projections estimate costs of an unreformed triple lock could reach £50 billion annually by 2050.
Bell argued that the Conservatives have demonstrated a pattern of accelerating state pension age increases during their previous period in government, citing actions taken in 2011 and 2014 when some individuals received as little as five years’ notice of changes. He suggested the party would likely repeat this approach rather than reform the triple lock. The state pension age is currently under review and expected to rise to 68 between 2044 and 2046.
Bell characterized the Conservative position as inconsistent, noting that Conservative leader Kemi Badenoch had previously suggested means-testing the triple lock, and former Chancellor Jeremy Hunt had described it as an “anchor drag” on public finances. Bell contended that the Conservatives’ opposition to reform while knowing changes are necessary undermines their credibility on fiscal responsibility.
Under Labour’s proposed reforms, the state pension will increase annually by the higher of inflation or 2.5%, with earnings-based increases only occurring if pension values fall behind recent wage growth. Bell, the MP for Swansea West, previously directed the Resolution Foundation thinktank before becoming pensions minister in July.
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