The state pension accounts for more than half (57 per cent) of retirement income among lower-income pensioners, according to a report from Quilter, which called for a long-term framework for state pension provision before any changes are made to the triple lock.

Quilter’s Retirement Lifestyle Report 2026, which includes analysis from the Centre for Economics and Business Research (Cebr), found that the state pension accounts for 24 per cent of income across retirees overall.

However, reliance was much higher among those with below-average retirement incomes.

For retirees aged 65-79 with retirement incomes of £25,000 or less, the state pension provided 57 per cent of total income, while among those aged over 80 in the same income bracket it accounted for 54 per cent.

Quilter said the findings demonstrated the importance of understanding how heavily many retirees rely on the state pension as debate continues over the future of the triple lock.

The latest Office for National Statistics (ONS) earnings data showed annual growth in total pay of 3.9 per cent in May to July 2026.

Under the current triple lock, the state pension rises each year by the highest of earnings growth, CPI inflation or 2.5 per cent.

Quilter noted that a 3.9 per cent uprating would take the full new state pension above £13,000 a year for the first time, compared with the current 2026/27 full rate of £241.30 a week.

The research comes amid renewed debate over the triple lock.

The British Chambers of Commerce recently called for it to be replaced, with part of the savings used to fund a reduction in employer National Insurance contributions for under-25s under measures aimed at tackling youth worklessness.

Quilter argued that any discussion about reform should begin with a clearer long-term view of the role the state pension is expected to play and the level of income it should provide.

Quilter head of retirement policy, Jon Greer, said: “The triple lock debate has been repeatedly kicked down the road, and it seems we are nearing a juncture where it cannot go on.

“On one side of the debate are concerns about affordability and the growing cost of supporting an ageing population. On the other is the reality that millions of retirees depend on the state pension for a substantial proportion of their income.”

He added that considering the triple lock in isolation risks missing the wider issue of state pension adequacy and sustainability.

“Front and centre of any debate must be the role we want the state pension to play in the future, the level of income it should provide relative to earnings, and how that can be delivered sustainably over the long term,” he argued.

The Institute for Fiscal Studies has previously estimated that maintaining the triple lock to 2050 could add between £5bn and £40bn a year to state pension spending relative to earnings indexation, in today’s terms, depending on future inflation and earnings outcomes.

Quilter also highlighted the changing composition of retirement income as defined benefit (DB) provision declines.

Its research found that DB pensions accounted for 33 per cent of income among over-80s with above-average retirement incomes, compared with 14 per cent among younger retirees in the same income group.

Quilter stressed that future generations were therefore likely to depend more heavily on a combination of the state pension, defined contribution savings and other private assets.

Greer said the government should use the Pensions Commission to establish a more durable framework for state pension adequacy and uprating.

“Any reform should be the product of thorough consultation and a clear vision for retirement provision in the UK, and there must be a lasting settlement that balances adequacy for retirees, affordability for taxpayers and fairness between generations, while commanding broad political support.”

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