Andrew Tully, Technical Director at Canada Life, comments on how different generations view the Triple Lock, with some age groups supporting an alternative 'Double Lock'.

Canada Life has revealed a generational divide on the Triple Lock², the mechanism which commits to increasing the State Pension by the highest of inflation, earnings or 2.5%.

More than half of adults (55%) believe the Triple Lock should stay however support for the measure increases significantly amongst the older generations with 78% of over 55’s agreeing it should be maintained. This drops to just a third (33%) of 18 – 34 year olds.

On the other hand, a fifth (18%) think the government should revert to a ‘Double Lock’ and increase the state pension by either 2.5% or the rise in earnings, whichever is the higher. This falls to just 9% of over 55s compared with 26% of 18 to 34s and 21% of 35 to 54s that feel this way.

Andrew Tully, Technical Director at Canada Life, comments:

This is an economically challenging time and it is especially difficult for many pensioners who rely on fixed incomes. In recognition of this cost of living challenge, more than half of all UK adults support the continuation of the Triple Lock, even when it’s set to increase the State Pension by more than 10%.

“When we analyse the data we can see a difference of opinion between the generations. Unsurprisingly perhaps, the vast majority of over 55’s support the triple lock, but less than a third of under 35’s are in favour of the mechanism.

Full release: 55% of adults support Triple Lock, but large generational divide