The DWP has moved to quash fears for the future of the triple lock after a leading think tank urged the government to end the annual state pension boost over affordability fears.
This week, a report by the Tony Blair Institute (TBI) called for a rethink of the UK's current state pension system, labelling it 'outdated' and 'increasingly unaffordable' as the cost of the welfare state continues to balloon.
The triple lock, first introduced by the Conservative-Lib Dem coalition in 2011, guarantees that state pension payments must increase each year by one of three metrics: wage growth, inflation or a flat 2.5%, whichever of the three is highest.
The TBI's report instead argues that a new "lifespan fund" should be established, providing a flexible model that builds entitlement through activities including work, caring and study.
Annual contributions to a notional fund would provide up to 20 years of state-backed support at the level of today's state pension, the think tank said.
Older state pensioners can get £1,661
State pensioners under 76 can get another £246 boost
People could then access some of that entitlement during their working lives to provide income support in "critical periods", such as during unemployment, retraining or caring.
Those who choose to access this support would be automatically enrolled into higher national insurance contributions when they return to work, creating a "default path to rebuild what they had drawn down".
The TBI said the triple lock should be scrapped to prevent the state pension rising faster than earnings growth and called for the Pensions Commission to encourage cross-party agreement before the next election.
Tom Smith, director of economic policy at the TBI, said: "Britain's state pension system was built for a different era.
"We can't keep pouring money into a system that is increasingly unaffordable.
"Pension spending must be contained, and that means the triple lock cannot continue after the next election.
"Ending it will require political leadership from all parties - but that should only be the first step.
"Real reform must also build a better system: one that is fairer, more flexible, and designed for how people live today."
The report highlights the number of pensioners will rise from 12.6 million today to nearly 19 million by 2070.
It added under the current system, state pension spending is projected to rise from around 5% of gross domestic product (GDP) to 7.8% over the same timeframe, leading to higher taxes or rising pressure on public services, or both.
But Caroline Abrahams, charity director at Age UK, said the triple lock should be retained into the next parliament, arguing it has helped to improve the living standards of some of the poorest pensioners.
She added: "We continue to hear from older people who are struggling financially, and the extra money the triple lock delivers makes a meaningful difference to many lives.
"In new polling, three in 10 pensioners say they are struggling financially - even before the worrying rise in energy prices.
"Going forward, we need a national debate to determine the purpose and appropriate value of the state pension as, at present, it is set too low to provide those reliant on it with a decent standard of living throughout their later lives."
The DWP has pledged to keep the triple lock following Rachel Reeves' announcement in the 2025 Budget that the support will stay until at least the end of the current parliament, and will be worth an estimated £2,100 extra for state pensioners in that timeframe, for those with maximum National Insurance records.
A Department for Work and Pensions (DWP) spokesperson confirmed: "Supporting pensioners is a priority and our commitment to the triple lock for the rest of this Parliament means millions of pensioners will see their yearly state pension rise by up to £2,100.
"The Pensions Commission is already examining how we can ensure secure retirements for tomorrow's pensioners and for those that have not reached state pension age but need extra support, a range of options such as universal credit and other means-tested and disability-related benefits are available."
