Why the triple lock pension reform makes its political problem worse

Following the announcement by UK Prime Minister to reform the triple lock pension, Professor Tim Vlandas, Professor of Social Policy and Intervention at DSPI, explains that the government’s overhaul of the triple lock misses the bigger problem: by continuing to protect pensioners when economic growth stalls, it gives governments little electoral incentive to pursue growth.

In his Expert Comment for the University of Oxford, Professor Vlandas argues that the debate has focused mainly on cost and, in doing so, misses three important points: 

1. The British state pension is less generous than in most European countries 
2. The triple lock explains only part of the rise in pension costs 
3. Most importantly, the reform continues to insulate pensioners from economic stagnation.