Is the triple lock pension guarantee sustainable?

This month retired people saw their state pensions rise by 4.8 per cent. That’s comfortably above the current inflation rate and means that some pensioners have increases this year of as much as £575. That’s because of the Triple Lock guarantee which is a formula set 15 years ago and which some economists say is costing the government too much and should be scrapped. But it’s meant that the state pension has risen over recent years, pensioner poverty is far less of a problem and not surprisingly it’s popular with voters. David Aaronovitch asks what exactly is the triple lock, can we still afford it and is there an alternative?

Guests

Carl Emmerson, Partner at London Economics
Sophie Hale, Research Director, Resolution Foundation
Steve Webb, Partner at LCP and former Pensions Minister in Coalition Government

Presenter: David Aaronovitch
Producers: Caroline Bayley, Kirsteen Knight, Sally Abrahams
Production co-ordinator: Maria Ogundele
Sound engineers: Rod Farquhar and Dave O'Neill
Editor: Richard Vadon