Tories would have to raise state pension age above 70 to keep triple lock, says minister

Treasury minister Torsten Bell says the Conservatives would have to raise the state pension age beyond 70 to afford their pledge to keep the triple lock. He argues that opposing changes to the policy while declining to explain how to fund it leaves voters without a clear account of the trade-offs.

The triple lock currently raises pensions each year by whichever is highest: inflation, 2.5% or earnings growth. Labour plans to change it so pensions rise by the highest of inflation or 2.5%, with earnings growth applying only if pension values fall behind wages; the initial savings are intended for a national care service. Government estimates put the cost of leaving the current system unchanged at £50bn by 2050, while the state pension age is already expected to reach 68 between 2044 and 2046.