The triple lock on the state pension should be kept but reformed to make it more sustainable, according to Nick Clegg.
The former deputy prime minister was speaking at a public lecture at the London School of Economics on 15 September.
The policy introduced in 2010 by ex-pensions minister Steve Webb sees increasing the state pension by whichever is highest out of inflation, wage growth or 2.5%.
While Clegg still supports the triple lock, he believes it should be tweaked. "I would be for keeping the triple lock but maybe adjusting the 2.5% bit of it. The costs are going to gallop ahead; 2.5% in a prolonged period of low inflation which no one has anticipated is a hugely expensive thing to ask the working population to pay for."
Despite growing concerns over the sustainability of the triple lock, the government has committed to keep it for the duration of this parliamentary term - until 2020.
Clegg also called for "a new deal between the generations" as "we still have a system where the costs fall too much on the working age population".
He illustrated the generational inequality point by citing research showing under-50s own only 18% of property in the UK.
In reflection of his time during the coalition government, Clegg praised Webb and the reforms he introduced.
"I think he was one of the most successful ministers in the coalition government. He single handily revolutionised the pensions landscape with auto enrolment, the new consolidated single state pension, the change in the retirement age and so on.
"He has put it on a more sustainable and fairer basis which countless people predicted was impossible to do. It is a historic achievement. My joke has been there should be statues erected to Steve Webb up and down the country."
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