More than two-thirds (68 per cent) of UK adults support an inflation-matching increase in the state pension next year, new data gathered by Opinium for AJ Bell has shown.

The survey, which was conducted amongst 4,000 UK adults, revealed that 86 per cent of respondents believe that the state pension should increase next year following at least one metric.

The majority (68 per cent) backed an inflation-linked increase, while 18 per cent of respondents said the increase should be aligned to wage growth.

A minority (3 per cent) of respondents said that the state pension shouldn’t go up at all next year and a further 11 per cent said that they aren’t sure.

Commenting on the results, AJ Bell head of retirement policy, Tom Selby, stated: “Unsurprisingly, those over the age of 55 are the most likely to back an inflation-linked boost to the state pension next year, with over 8 in 10 saying the government should stick to its manifesto pledge.

“Support wanes somewhat when you ask younger people, but even then, inflation protection remains by far the most popular option, backed by over half (52 per cent) of those aged 18-34.

“Of course, ditching the triple-lock and increasing the state pension in line with average earnings would save the Exchequer a pretty penny - somewhere in the region of £5bn. And because the state pension would be permanently lower, that saving would be made every year.

“However, given the likely backlash this would generate, particularly among older voters, Jeremy Hunt may want to look elsewhere as he attempts to balance the UK’s books.”

Money Minder managing director, Ray Black, added: “Hopefully, on 17 November, we will find out if the new PM Rishi Sunak plans to follow through with the previous PM’s promise to reinstate the pensions triple lock.

“Potentially, this could increase the newer flat rate pension to over £200 per week. However, it’s very possible that won’t happen now as the PM and the Chancellor concentrate on reducing borrowing costs and repairing the government’s balance sheets.

Black also stated that the government will need to work hard to try and put some money back into people’s pockets sustainably whilst also encouraging growth in the economy if they hope to get another term of government.

“Whilst January 2025 seems a long way off, they’ll need to start working on this goal as soon as possible. Keeping the triple lock in place may help the government with this, ending it could be a disappointment for more than just the UK’s pensioners," he continued.

The fate of the triple lock is still unclear at time of writing, with Pensions Minister Laura Trott recently responding to a written question on the topic, confirming: “The Secretary of State for Work and Pensions is currently conducting his statutory annual review of state pension and benefit rates. We cannot pre-empt the outcome of that review, which will be announced in due course

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