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Triple Lock Threatens Retirement Security for Millions

11/22/2025

Summary

Story summary

Former pensions minister Sir Steve Webb warns that abolishing the UK's state pension triple lock could raise retirement poverty.
Current estimates indicate 14.6 million retirees face financial difficulties, potentially rising to 26.1 million if pensions are inflation-only.
Webb criticizes the government's reliance on unrealistic assumptions about the policy's longevity.
The Chancellor will address pension reforms in the Budget on November 26, 2025, with calls to boost pension savings.

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Story summary

Former pensions minister Sir Steve Webb warns that abolishing the UK's state pension triple lock could raise retirement poverty.
Current estimates indicate 14.6 million retirees face financial difficulties, potentially rising to 26.1 million if pensions are inflation-only.
Webb criticizes the government's reliance on unrealistic assumptions about the policy's longevity.
The Chancellor will address pension reforms in the Budget on November 26, 2025, with calls to boost pension savings.