Nigel Farage commits to protecting ‘triple lock’ for state pensions if he turns into PM – however Reform UK eyes taking the axe ‘gold-plated’ civil service schemes

Nigel Farage today vowed to keep the ‘triple lock’ for state pensions if he’s prime minister – but Reform UK could take the axe to ‘gold plated’ civil service schemes.

After months of internal wrangling within Reform over the issue, Mr Farage said the triple lock ‘is going to stay’ if his party wins the next general election.

There had previously been signs of a split at the top of Reform over the triple lock, which sees state pensions increase in line with whichever is highest out of average earnings growth, inflation or 2.5 per cent.

Mr Farage earlier this year claimed the future of the guarantee is ‘open for debate’, despite Robert Jenrick – Reform’s Treasury spokesman – being a vocal supporter of the policy.

Economists have raised concerns about the financial sustainability of the triple lock, due to the UK’s aging population and the fact Britons are living longer.

But, speaking at a press conference in central London on Thursday, Mr Farage confirmed Reform had resolved to keep the policy in place.

‘When I said the jury’s out on the triple lock and what we would decide to do… what I meant was the jury’s out. Not that I’d made my mind up either way,’ the Reform leader said.

‘And we have discussed it, and we have debated it, and we’ve decided it’s going to stay.’

Nigel Farage vowed to keep the ‘triple lock’ for state pensions if he’s prime minister – but Reform UK could take the axe to ‘gold plated’ civil service schemes

There had previously been signs of a split between Mr Farage and Robert Jenrick, Reform’s Treasury spokesman, over the triple lock

The ‘triple lock’ has been in place since 2011 and has resulted in increases significantly outpacing the rest of the economy, particularly during spikes in inflation. 

The rate is due to go up by 4.8 per cent this month.

Labour has committed to keeping the lock for the duration of this Parliament, but experts have raised concerns about the burden on the Treasury, with the finances under increasing pressure.

Proposals for change have included setting the state pension at a fixed proportion of average earnings, or moving to a more limited ‘double lock’.

Explaining why he had decided to commit Reform to keeping the triple lock in place, Mr Farage said the party had found it could afford the policy ‘many, many times over’ thanks to proposed cuts to Britain’s welfare bill he will soon unveil.

He added: ‘For me, what decided it was: number one, there are a lot of older pensioners who got their pensions before 2016 who are really pretty disadvantaged by the current system.

‘Secondly, that the people to whom pensions are being paid, in vast majority – certainly compared to a younger generation today – are those that have actually worked and paid into the system.

‘And we are very much the party of alarm clock Britain – those that work and therefore should reap rewards later in life.

‘But the third and most decisive reason is that within the next two weeks, we are going to announce the biggest cuts to the benefits bill ever seen in the history of this country.

‘So when questions get asked in a minute, how can you afford it? Well, we can afford it many, many times over.’

Although Reform are now committed to keeping the triple lock in place, Mr Jenrick said the party will consider whether new civil servants can continue to access ‘gold-plated’ pensions schemes.

The ex-Tory minister announced ‘a review into the long-term sustainability of continuing to permit new entrants to defined benefit pension schemes in the public sector’.

Mr Jenrick said: ‘Such schemes were phased out in the private sector decades ago. They represent the Government’s second largest financial liability.

‘The old parties almost never discuss them. But if we care about balancing the books fairly, we can’t keep ducking this issue.

‘Is it right that members of Parliament or tube drivers starting their jobs this year get a right to a gold-plated pension in 2060 or 2070 when ordinary retirees have to worry about next year?

He added: ‘Later this year, we will return with a plan that protects the interests of everyone currently working in the public sector and their families whilst ensuring public sector pensions are finally put on a sustainable long-term footing by assessing which defined benefit schemes should remain open to new entrants.’

A Conservative spokesman said: ‘You can’t trust a word Reform say on the triple lock. One minute it is under review, the next it is party policy.

‘It is increasingly evident that Robert Jenrick is seeking to push Nigel Farage towards backing a series of unfunded commitments, with no credible plan for delivery.

‘This is nothing more than a cynical attempt to distract from their chaotic local election campaign, which is seeing candidates drop out left, right and centre.’