Scrap the triple lock on pensions, Lords suggest

A number of age-specific benefits for older people should be axed in order to “deliver a fairer society”, according to The House of Lords' Committee on Intergenerational Fairness.

Among their suggestions, the peers proposed removing the triple lock on pensions, meaning the basic pension would only increase at either the rate of average earnings or inflation (whichever is higher). It is widely believed this would leave pensioners significantly worse off.

The Committee also recommended phasing out free TV licences for older people, and limiting free bus passes and winter fuel payments so they would begin later in life.

The money saved through such changes to “outdated” schemes could be directed to help younger people, the peers suggested.

Their recommendations included ensuring local authorities can meet the housing needs of younger and older people, increasing funding for training for those who don’t attend college or university, and ensuring people working as part of the gig economy have the same rights as other workers.

Committee Chairperson, Conservative peer Lord True, said: "Both young and older people recognise the contribution the other makes and the challenges they face.

"However, there is a risk that those connections could be undermined if the government does not get a grip on key issues such as access to housing, secure employment and fairness in tax and benefits."