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A generational divide is emerging over the future of the state pension, with younger generations in favour of abolishing the triple lock and switching to means-testing, while older people want to keep the current rules.
A new poll has found that more than a third of under-35s would be more likely to vote for a party that promised to abolish the triple lock, which ensures state pensions rise above the rate of inflation over time.
But people over 65 are strongly in favour of maintaining the status quo and are also strongly opposed to proposals to apply means-testing to pensions, meaning wealthier retirees would receive less or no pension from the state at all.
The Opinium poll comes as the Conservative government proposes another policy that is far more popular among older Britons than younger ones: the reinstatement of compulsory national service.
Both major parties have pledged to maintain the triple lock, which increases state pensions each year at the rate of inflation, earnings growth or 2.5%, whichever is higher. Labour is trying to win pensioners’ support from the Conservatives by arguing that the government’s financial plans put pensioners’ incomes at “real risk”.
According to an Opinium poll commissioned by investment firm AJ Bell, 22% of voters said they would be more likely to vote for a party that promised to repeal the triple lock, while 26% would be less likely to support that party. The rest were unsure or said it would not affect their vote either way.
Among 18-34 year olds, 37% supported a party that would abolish the triple lock, while 17% said they would oppose it. Meanwhile, among those aged 65 and over, just 12% supported abolition and 41% would vote against a party that proposed it.
Tom Selby of AJ Bell said: I“Older voters continue to hold the keys to Downing Street, so it’s not surprising that both Labour and the Conservatives support the popular ‘triple lock’ state pension pledge. But there are deep generational divides on the policy, and while older voters find the pledge appealing, younger voters are less enthusiastic.”
A similar trend applies to means-testing, with 35% of the youngest age groups supporting means-testing and 21% opposed, while 12% of pensioners supporting means-tested pensions and 61% opposed.
With an increasingly elderly population, some experts have warned that the triple lock may ultimately become unsustainable and more radical reforms may be needed.
“Implementing the triple lock would have been an easy political move for both major parties, but the demographic time bomb facing the UK means that at some point the next government will need to tackle the fundamental questions of what state pensions should be worth and when people should receive them,” Mr Selby said.
But he opposed means testing, arguing it would “create unwanted and costly complexity” and discourage people from saving for retirement while they are working.
Labour has argued that the proposal to abolish NICs puts the future of state pensions at risk, and has sought to win the support of pensioners – the only age group that currently supports the Conservatives according to most opinion polls.
In an “open letter” published in Sunday MailShadow work and pensions minister Liz Kendall wrote: “This is a black hole of unfunded finances that is more dangerous than Liz Truss’ mini-budget and will put pensions at real risk.”
Meanwhile, the Conservative government has promised to reinstate some form of national service for teenagers, a policy that is strongly supported by the over-65s but opposed by 18-35 year-olds, according to a recent JL Partners poll.