Guest Comment: The aim of the state pension

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<address class="post-meta-author author"> <i class="fa fa-user"></i>By Pensions Policy Institute head of policy research Daniela Silcock</address> <time pubdate datetime="03/05/18" class="post-meta-date"> <i class="fa fa-calendar"></i>03/05/18</time> </div> <div class="entry-main"> <div class="entry-content"> <p>State pension aims have varied, from providing a basic level of income, to helping people maintain living standards, and back to a basic income under the new state pension (nSP). <br /> <br /> The nSP currently provides 24 per cent of average earnings; it is not clear whether this amount is expected to provide an adequate income, and how much the state expects people to be able to afford to pay privately.<br /> <br /> The state pension currently increases each year by the greater of the rise in earnings, prices or 2.5 per cent (the triple lock) which makes up some of the value lost from when the state pension was price linked (1980-2010). However, it also will increase the cost of the state pension over time, though a large proportion of the expected costs are due to increases in the number of pensioners.<br /> <br /> The government has pledged to maintain the triple lock during this parliament, ending in 2022, but may then index the state pension to a double lock (the greater of earnings or prices) or to earnings. <br /> <br /> Removing the triple lock would save the state money but would increase the amount that people would need to save for a comfortable standard of living in retirement and would result in higher poverty. However, it is hard to properly assess the implications of choosing different indexation scenarios until the aim of the state pension is fully clarified.</p> <ul class="soc"> <div class="sharestorytext">Share Story:</div> <li> <a class="soc-twitter" target="_BLANK" href="http://twitter.com/share?text=Guest Comment: The aim of the state pension&url=https://pensionsage.com/pa/Guest-Comment-The-aim-of-the-state-pension.php"></a> </li> <li> <a class="soc-linkedin" target="_BLANK" href="http://www.linkedin.com/shareArticle?url=https://pensionsage.com/pa/Guest-Comment-The-aim-of-the-state-pension.php"></a> </li> </ul> </div> </div> </article>  <div class="comment-title title-style01"> <h3>Recent Stories</h3> </div>  <div class="article"> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/Govt-to-pay-AE-pension-contributions-for-Kickstart-Scheme-participants.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/2019-another-big-ben-min.jpg"></a></div> <div class="content"> <h3><a href="/pa/Govt-to-pay-AE-pension-contributions-for-Kickstart-Scheme-participants.php?utm_source=jsrecent">Govt to pay AE contributions for employers participating in Kickstart Scheme</a></h3> <div> <a href="/pa/Govt-to-pay-AE-pension-contributions-for-Kickstart-Scheme-participants.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/PASA-chaired-working-group-publishes-GMP-equalisation-guidance.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/body-pen_paperstack.jpg"></a></div> <div class="content"> <h3><a href="/pa/PASA-chaired-working-group-publishes-GMP-equalisation-guidance.php?utm_source=jsrecent">Pasa-chaired working group publishes GMP equalisation guidance</a></h3> <div> <a href="/pa/PASA-chaired-working-group-publishes-GMP-equalisation-guidance.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/Triple-lock-could-raise-202425-state-pension-costs-by-6bn-OBR.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/2019-pension-calculator-min.jpg"></a></div> <div class="content"> <h3><a href="/pa/Triple-lock-could-raise-202425-state-pension-costs-by-6bn-OBR.php?utm_source=jsrecent">Triple lock could increase state pension costs in 2024/25 by £6bn more than if CPI-linked</a></h3> <div> <a href="/pa/Triple-lock-could-raise-202425-state-pension-costs-by-6bn-OBR.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> </div>   <div class="row no-gutter"> <div class="col-md-12"> <div style="float:left;width:100%;"> <div id="adbannerwrapjs"><a href="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/awards/entry_form.php" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/EPA2025_ofe_728x90 animated.gif" border="0""></a></div> </div> </div> </div> <br>  </div>   <div class="col-md-3">  <div class="sidebar-add-place"><a href="/pa/peoples-pension-mpu-29102024-removed-2024-11-27-jw-live-2025-01-30-jw" class="link-06c"></a><p class="rightsmall"> <div class="sidebar-add-place"> <iframe src="/pa/peoplespensionadv3/index.html" scrolling="no" width="300" height="250" frameBorder="0" marginwidth="0" marginheight="0" hspace="0" vspace="0"></iframe> </div></p></div>  <div class="sidebar-add-place"><a href="/pa/lumera-ad-mpu-mobile-only" class="link-06c"></a><p class="rightsmall"><div class="sidebar-add-place hidden-md-up"> <a href="https://lumera.com/en/insights/closing-the-customer-empowerment-gap/?mtm_campaign=UK%20Q1-2%2025&mtm_source=pensionsage&mtm_content=ebook" target="_blank"><img src="/pa/images/UK_campaignQ1_2025_eBook_banner_300x250.jpg" border="0"></a> </div></p></div> <div class="sidebar-add-place"><a href="/pa/gravis-mpu-feb-2025" class="link-06c"></a><p class="rightsmall"> <div class="sidebar-add-place"> <iframe src="/pa/gravis-feb-25.html" scrolling="no" width="300" height="250" frameBorder="0" marginwidth="0" marginheight="0" hspace="0" vspace="0"></iframe> </div></p></div> <div class="jswrap4"><div class="jstitle4">Being retirement ready</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/BlackRock 270x150.jpg" controls="" width="100%"><source src="/pa/jwplayer/BlackRock-retirement-report.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. 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industry could save members 'millions' in private market fees, report finds </p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab2"> <ul> <li><a href="/pa/LGPS-reforms-present-significant-challenges-for-authorities.php"> <div class="mostreadnumbers">1</div> <p>LGPS reforms present ‘significant challenges’ for authorities</p> </a></li> <li><a href="/pa/Asset-managers-urged-to-strengthen-climate-stewardship-strategies.php"> <div class="mostreadnumbers">2</div> <p>Pension providers urge asset managers to strengthen climate stewardship strategies</p> </a></li> <li><a href="/pa/Experience-flexibility-key-for-insurers-data-and-resource-gaps-concern-industry.php"> <div class="mostreadnumbers">3</div> <p>Experience and flexibility key factors in insurer selection decisions </p> </a></li> <li><a href="/pa/72-per-cent-of-workers-want-responsible-pensions-from-employer-schemes-urged-to-tackle-knowledge-gap.php"> <div class="mostreadnumbers">4</div> <p>Majority of workers want ‘responsible’ pensions from employer</p> </a></li> <li><a href="/pa/Pension-providers-continue-to-fail-on-climate-action-despite-promising-pockets-of-progress.php"> <div class="mostreadnumbers">5</div> <p>Pension providers ‘continue to fail’ on climate action despite 'pockets' of progress </p> </a></li> <li><a href="/pa/One-in-eight-young-people-dont-know-their-pensions-basics.php"> <div class="mostreadnumbers">6</div> <p>One in eight young people don’t know pensions basics </p> </a></li> <li><a href="/pa/Stubborn-gender-pensions-gap-across-all-ages.php"> <div class="mostreadnumbers">7</div> <p>Research highlights 'stubborn' gender pensions gap across all ages </p> </a></li> <li><a href="/pa/More-work-needed-for-trust-based-schemes-to-take-advantage-of-targeted-support-plans.php"> <div class="mostreadnumbers">8</div> <p>More work needed for trust-based schemes to utilise targeted support, FCA told </p> </a></li> <li><a href="/pa/Finning-Pension-Scheme-completes-250m-BPA-buy-in-with-Standard-Life.php"> <div class="mostreadnumbers">9</div> <p>Finning Pension Scheme completes £250m buy-in with Standard Life </p> </a></li> <li><a href="/pa/-Annuity-sales-leap-to-ten-year-high-amid-improved-rates-and-thriving-competition.php"> <div class="mostreadnumbers">10</div> <p>Annuity sales 'leap' to ten-year high amid improved rates and competition </p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab3"> <ul> <li><a href="/jobs/Pensions-Admin-Technical-Specialist-12-02-2025.php"> <div class="mostreadnumbers">1</div> <p>Pensions Admin & Technical Specialist</p> </a></li> <li><a href="/jobs/db-administration-team-leader-11-02-2025.php"> <div class="mostreadnumbers">2</div> <p>DB Administration Team Leader</p> </a></li> <li><a href="/jobs/senior-pensions-secretariat-and-governance-consultant-11-02-2025.php"> <div class="mostreadnumbers">3</div> <p>Senior Pensions Secretariat & Governance Consultant</p> </a></li> <li><a href="/jobs/senior-pensions-manager-11-02-2025.php"> <div class="mostreadnumbers">4</div> <p>Senior Pensions Manager</p> </a></li> <li><a href="/jobs/pension-trustee-governance-manager-in-house-31-01-2025-11-02-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">5</div> <p>Pension Trustee Governance Manager, in-house</p> </a></li> <li><a href="/jobs/pensions-data-director-31-01-2025-11-02-2025-REMOVED-DWB.php"> <div class="mostreadnumbers">6</div> <p>Pensions Data Director</p> </a></li> <li><a href="/jobs/pensions-projects-team-manager-31-01-2025-11-02-2025-REMOVED-DWB.php"> <div class="mostreadnumbers">7</div> <p>Pensions Projects Team Manager</p> </a></li> <li><a href="/jobs/senior-technical-analyst-31-01-25.php"> <div class="mostreadnumbers">8</div> <p>Senior Technical Analyst</p> </a></li> <li><a href="/jobs/pensions-projects-team-manager-23-01-2025-31-01-2025-REMOVED-DWB.php"> <div class="mostreadnumbers">9</div> <p>Senior DB Pension Administrator</p> </a></li> <li><a href="/jobs/senior-db-pensions-consultant-23-01-2025-31-01-2025-REMOVED-DWB.php"> <div class="mostreadnumbers">10</div> <p>Senior / DB Pensions Consultant</p> </a></li>  </ul> </div>  </div> </div> </div> </div> </div> </div>  <div class="col-md-2"> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/awards/booking_form.php" ALT=""><img src="https://www.pensionsage.com/pa/../../pa/images/120x600_animated-pa-awards-1123.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/awards/entry_form.php" ALT="BANNER"><img src="https://www.pensionsage.com/pa/../../pa/images/EPA2025_ofe_120x600 animated.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div 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