Labour breaks silence over scrapping Triple Lock and beginning to 'means-test' state pension

State pensioners have been handed a big update from the Labour Party government over fears the Triple Lock is becoming "too expensive" and could be replaced. Pensions Secretary Liz Kendall has put out an update on the Triple Lock.

Speaking out, Ms Kendall has supported the pledge, reaffirming Labour's commitment to it. Discussing the £300 Winter Fuel Allowance, she said: “Means-testing Winter Fuel Payments was not a decision this government wanted or expected to take.

"However, we were forced to take difficult decisions to balance the books in light of the £22 billion black hole we inherited. Given the dire state of the public finances, it’s right that we target support to those who need it most while we continue our work to fix the foundations and stabilise the economy – which is the best way to support pensioners in the long term and is what has allowed us to deliver our commitment to the triple lock.”

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Only one in ten people believe the state pension will not exist when they get to state pension age, according to a recent survey by Hargreaves Lansdown, while a quarter remain uncertain about its future. New figures from the Department for Work and Pensions ( DWP ) show 12.9 million people were receiving the state pension in May 2024, marking a 1.7 per cent increase from the previous year.

The addition of 220,000 new pension recipients has intensified concerns about the system's sustainability, with experts saying it will only create extra pressure on the public finances. The Government has confirmed state pension increases for April 2025. The new full state pension will rise by £472 a year, reflecting a 4.1 per cent increase in line with wage growth.

This will take the full, new flat-rate state pension to £230.25 per week for those who reached state pension age after April 2016. Those on the old basic state pension, who reached pension age before April 2016, will receive £176.45 per week - a rise of £363 annually.

A Government spokesperson defended the current system, stating: "This Government is committed to the Triple Lock, with millions of pensioners set to see their yearly State Pension rise by up to £1,900 over the course of this parliament."