Age UK responds to The Tony Blair Institute calling to end to Triple Lock ahead of pensions overhaul

Caroline Abrahams, Charity Director at Age UK said: "Age UK firmly believes that the Triple Lock should be retained into the next Parliament. Over time this policy has rebuilt the value of the State Pension, helping to improve the living standards of some of our poorest pensioners.

"Today, we continue to hear from older people who are struggling financially, and the extra money the Triple Lock delivers makes a meaningful difference to many lives. In new polling, 3 in 10 pensioners say they are struggling financially – even before the worrying rise in energy prices.

"Going forward, we need a national debate to determine the purpose and appropriate value of the State Pension as, at present, it is set too low to provide those reliant on it with a decent standard of living throughout their later lives.

"Many are unaware that the State Pension makes up a substantial proportion of most older people’s retirement income and that for a minority it’s all they have coming in, but it’s important even for more affluent retirees. (One in six single pensioners is fully reliant on the State Pension and any benefits they may be entitled to.) In addition, while it's true that some older people receive more than the £12,548 which is this year's level of the full new State Pension, many more get considerably less – indeed, 6 in 10 pensioners receive the old State Pension."