Labour MP calls for changes to pension triple lock

Labour MP Rachel Reeves has sparked controversy by suggesting that the triple lock on state pensions be reviewed. This system ensures pensions rise each year based on inflation, earnings, or a minimum of 2.5%. Concerns are growing that Labour's need to cut public spending could lead to changes in this policy. According to reports, Labour MPs anxious about government spending on welfare might consider reforming the triple lock to save money. Currently, the state pension costs the government about £124 billion annually. Labour has promised to keep the triple lock until the next election, but pressures from within could change that. Some Labour MPs believe wealthy pensioners should bear some of the financial burden instead of vulnerable groups like those with disabilities. One MP argued that the welfare system should prioritize those in need and not support affluent retirees. The full new state pension will increase to £230.30 per week starting in April. Despite political criticism, both Labour and Conservative leaders have recently confirmed their commitment to maintain the triple lock. However, any proposed changes could upset the relationship between Labour and older voters, especially following last year’s backlash over cuts to winter fuel payments for some pensioners.