Farhad A.The Tony Blair Institute think tank made a proposal to the Labour party to abolish the so-called triple lock system: a mechanism in which state pensions rise every April by whichever is highest — inflation rate, average wage growth or 2.5%.
Describing the concept as "unaffordable", it proposes a tricky ersatz — a "lifespan fund": individuals contribute to it and get only 20 years of support in return.
"Pension spending must be contained and that means the triple lock cannot continue after the next election," the director of economic policy at the Tony Blair Institute Thomas Smith said as quoted by The Guardian.
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