As the Government prepares for the Autumn Budget amid tightening public finances, the findings highlight a growing challenge: how to balance intergenerational fairness with the need for a sustainable pensions system.

Despite repeated assurances that the triple lock will remain in place until the end of this parliament, public opinion is far from unified and increasingly shaped by age.

A Widening Generational Divide

PensionBee’s latest survey reveals a striking disparity in attitudes between younger and older adults. Just 21% of 18–24-year-olds support maintaining the triple lock, compared to a commanding 82% of over-65s. This nearly fourfold difference underscores divergent priorities around economic security, fiscal responsibility and perceived value from the welfare system.

While the triple lock, guaranteeing annual State Pension increases by the highest of inflation, average earnings growth, or 2.5%, remains broadly popular, nearly half (48%) of all respondents named it a priority in pension policy. However, beneath this overall support lies an appetite for reform.

Appetite for Reform and Conditionality

More than one in four respondents (27%) said they would support restricting triple lock protection to lower-income pensioners, signalling growing public interest in targeted or means-tested models. Younger people, in particular, are open to reform: 34% of 25–34-year-olds favour capping triple lock increases during periods of high inflation, while 26% of 18–24-year-olds believe it should only apply when the economy is performing strongly. This contrasts starkly with the views of those over 65, just 2% of whom support such conditionality.

Moreover, a significant proportion of the public, (33% across all age groups) back scrapping the triple lock entirely in favour of a simpler inflation-only uprating system.

A Flashpoint for Intergenerational Fairness

These findings suggest that the triple lock has moved beyond its origins as a pension protection mechanism and has become a flashpoint in the broader debate over intergenerational fairness, taxation, and the sustainability of public finances.

With growing unease among younger taxpayers about the affordability of guaranteed pension increases they may never personally receive, the Government faces increasing pressure to reform without alienating older voters who rely heavily on the system.

Lisa Picardo, Chief Business Officer UK at PensionBee, commented, “These figures expose a growing generational fault line around the triple lock. For many older savers, it is a lifeline that must be protected at all costs. While younger people may favour adjustments to how it is delivered, the reality is that in the short term, the triple lock is here to stay.

What is clear is that the debate has moved beyond whether the triple lock should exist. The real question now is how it can be made sustainable, fair, and fit for the future. Policymakers must strike a careful balance: protecting the dignity of today’s and tomorrow’s retirees on one hand; and on the other, solving for sustainability and the weight of the tax burden borne by those contributing into the system now and in the future.”

Looking Ahead

As the Autumn Budget approaches, the sustainability of the triple lock is likely to be a key theme. Policymakers must navigate a complex landscape: reassuring pensioners, managing public spending, and addressing growing demands for a more equitable approach. Whether through conditional mechanisms, income targeting, or future reform, the triple lock’s future is increasingly being questioned, not just on financial grounds, but as a matter of generational justice.