Restore Britain proposes abolishing UK pension triple lock system

Restore Britain has announced a proposal to abolish the “triple lock” system for state pensions if the party wins the next general election. Under the current mechanism, UK state pensions increase annually based on the highest of three indicators: inflation, average wage growth, or a guaranteed minimum of 2.5%.

The party’s economic policy document, titled “The Wealth of Our Nation,” proposes replacing this system with a model that indexes pensions solely to the Consumer Price Index (CPI). While the party argues this will protect retirees' purchasing power, the change means pensioners could receive lower annual increases during years when wage growth or the 2.5% floor exceeds inflation.

Implementing this change is estimated to provide the UK Treasury with annual savings ranging between £2 billion and £3.5 billion.