In a recent LBC Radio interview, Conservative leader Kemi Badenoch suggested that her party is considering increased means-testing for government support, sparking a debate over the future of the UK’s “triple lock” pension policy. The “triple lock” ensures that state pensions rise annually by the highest of inflation, average earnings, or 2.5%.
Badenoch’s comments have led opposition parties to accuse the Conservatives of planning to weaken this policy. A Conservative spokesperson refuted these claims, stating that the party has “always protected the triple lock” and accusing opponents of misrepresenting Badenoch’s words.
During the interview, Badenoch highlighted a “structural problem” faced by Western nations, including the UK, due to increasing life expectancy and declining birth rates. She emphasized the need for “serious thinking” to address the financial implications of higher government spending on later life.
When questioned about the triple lock, she responded, “That’s exactly the sort of thing that the policy work we are going to be doing will look at.” However, she later clarified, “No, we are going to look at means-testing.” Opposition parties seized on her remarks.
Labour stated that Badenoch had “let the mask slip” and was preparing to cut the state pension, while the Liberal Democrats claimed she was planning to make pension cuts her “first new policy.” In response, a Conservative spokesperson denied any plans to alter the triple lock, accusing Labour of “skewing her words for political gain.”
The Conservative party has not specified which benefits might be subject to increased means-testing. Currently, benefits like housing benefit, Universal Credit, and pension credit are means-tested.
Badenoch criticized the Labour government’s decision to means-test the winter fuel payment, arguing it would exclude pensioners “on the breadline.” She did, however, support the idea that such payments should not go to “millionaires.”
The triple lock policy, introduced during the Conservative-Liberal Democrat coalition government in 2010, has been a cornerstone of state pension policy, with temporary suspensions, such as during the COVID-19 pandemic. Some economists question its financial sustainability given increasing life expectancy, while others debate its fairness compared to working-age benefits.
Shadow Chancellor Mel Stride has described the policy as “unsustainable” in the “very, very long term.” Badenoch’s recent comments have reignited discussions about the future of the triple lock and the broader approach to pension policies in the UK. As the debate continues, the Conservative party faces pressure to clarify its stance on means-testing and the triple lock to address concerns among pensioners and policymakers alike.
