Scrapping triple lock could save £60bn, OECD tells Andy Burnham
- Posted on July 15, 2026
- By The Times
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- 1 min read
In brief
The OECD has advised the UK government that abandoning the triple lock pension mechanism in favor of indexation could yield substantial fiscal savings of approximately £60 billion over the long term, representing roughly 2% of GDP. This recommendation to Prime Minister-designate Andy Burnham suggests a strategic shift in pension policy to ensure fiscal sustainability while addressing demographic challenges and aging populations. The proposed change would fundamentally alter how state pensions are adjusted annually.
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Scrapping triple lock could save £60bn, OECD tells Andy Burnham
Forecaster tells the prime minister-in-waiting that moving to an indexation of the state pension would save the government 2% of GDP in the long term
