Iceland boss calls for end of ‘unsustainable’ triple lock pension

LORD Walker, the influential Iceland boss who was made a Labour peer, has called for the triple lock pension to be scrapped as the mechanism was “profoundly unfair”.

- MAURICIO ALENCAR

In a debate on welfare reform in the House of Lords, Walker added to a growing number of economists and political figures calling for the state pension system to be replaced over its spiralling costs.

The triple lock means the state pension increases by the highest of average earnings, inflation or 2.5% each year, often leading to pensioners receiving increases significantly above workers’ wage growth.