'Triple lock' is unsustainable, says new Pensions Secretary David Gauke

The pension triple lock is no longer a sustainable policy, the new Work and Pensions Secretary has insisted. 

David Gauke said the mechanism would remain until 2020, but would then be "reflected" on.

The Conservative manifesto pledged to abandon the triple lock on state pensions rises, which sees the state pension rise in line with either wages, inflation or earnings - whichever is highest.

However, the flagship pledge was not mentioned in the Queen Speech after the Prime Minister failed to secure a majority in the Commons.

The policy was toxic for the Conservatives during the election and widely interpreted as a potential tax raid on core Conservative voters. 

Speaking at a lunch with journalists in Westminster, Mr Gauke said: "If you look at what the triple lock does, it has a ratchet effect because pensions go up by the higher of inflation or earnings, and in some years it will be one, in some years it will be the other.

"But over a period of time, it will mean that a greater and greater share of GDP goes to paying the state pension, even without any increases in pensioner numbers because that's just the way it works.

"Do I think that in 10, 20, 30 years' time, we will still have a triple lock? I cannot see in all honesty how we can."

Asked if the Tories could in two years' time introduce manifesto pledges which were left out of the Queen's Speech, including abolishing the triple lock, Mr Gauke said: "We will reflect on those measures and we haven't ruled anything out."