Tony Blair’s thinktank urges Labour to scrap ‘unaffordable’ pension triple lock
The Tony Blair Institute has called on the Labour government to abandon the pensions triple lock, describing it as unaffordable amid rising fiscal pressures. The thinktank argues that the UK's ageing population necessitates comprehensive pension reform, including replacing the current state pension with a more flexible 'lifespan fund'. While Chancellor Rachel Reeves maintains Labour's commitment to the triple lock, the institute urges cross-party consensus on long-term changes ahead of the next general election.
- ▪The Tony Blair Institute recommends scrapping the pensions triple lock due to its rising cost and long-term fiscal unsustainability.
- ▪The triple lock guarantees annual pension increases based on inflation, wage growth, or 2.5%, whichever is highest.
- ▪State pension spending could rise from 5% to 7.8% of GDP by 2070, adding £85bn annually in today's terms.
- ▪The TBI proposes a 'lifespan fund' allowing flexible access to pension entitlements for purposes like retraining or caregiving.
- ▪Chancellor Rachel Reeves has reaffirmed Labour's commitment to maintaining the triple lock for the remainder of the current parliament.
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The Tony Blair Institute argues that a full overhaul of the UK’s pension system will have to happen eventually. Photograph: Max Mumby/Indigo/Getty ImagesView image in fullscreenThe Tony Blair Institute argues that a full overhaul of the UK’s pension system will have to happen eventually. Photograph: Max Mumby/Indigo/Getty ImagesState pensionsTony Blair’s thinktank urges Labour to scrap ‘unaffordable’ pension triple lockState pension was ‘built for a different era’, says former PM’s organisation amid pressure on government financesRichard Partington Senior economics correspondentThu 30 Apr 2026 19.01 EDTLast modified on Thu 30 Apr 2026 19.03 EDTSharePrefer the Guardian on GoogleLabour has been urged by Tony Blair’s thinktank to scrap the pensions triple lock amid mounting pressure on…
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