Therese Coffey suggests replacing UK State Pension triple lock

Baroness Therese Coffey, a former Conservative pensions secretary and deputy prime minister, has suggested that the UK's State Pension triple lock should be reconsidered and potentially replaced with a “double lock”. Speaking in the House of Lords during a debate on the UK's preparedness for an ageing society, Coffey argued that while the guaranteed 2.5% annual rise was appropriate when the policy was introduced in 2010, it has largely achieved its goal of increasing pensions relative to earnings.

The triple lock mechanism guarantees that the State Pension rises annually by the highest of inflation, average earnings growth, or 2.5%. Critics have increasingly questioned the affordability of the system as the pensioner population grows and costs rise. Coffey noted that the triple lock is often blamed for various economic issues and expressed a preference for a modified system to ensure long-term sustainability.