There is a generational divide when it comes to support for the pensions triple lock, new research from Canada Life has found.

Inflation has reached 10.1%, according to latest figures from the Office for National Statistics (ONS), and with the Bank of England’s forecast that inflation could climb above 13% in the fourth quarter, there will be a record new state pension provision of more than £10,000 a year for those qualifying for the full amount.

The triple lock is the mechanism which commits to increasing the state pension each year in line with either inflation, earnings growth, or by 2.5%, depending on which is the highest.

According to Canada Life’s research, more than half of adults (55%) still believe the triple lock should stay, although support for the measure increases significantly among older generations. Almost four in five (78%) of over-55s agree it should be maintained, but the figure drops to just a third (33%) for those aged between 18 and 34.

The findings, based on a study of 2,000 people, also suggested that around a fifth (18%) of people think the government should revert to a ‘double lock’ and increase the state pension by either 2.5% or the rise in earnings, depending on which is the highest. This figure falls to just 9% of over-55s, compared with 26% of those aged between 18 and 34, and 21% of those aged between 35 and 54.

Canada Life technical director, Andrew Tully, commented: “This is an economically challenging time and it is especially difficult for many pensioners who rely on fixed incomes. In recognition of this cost of living challenge, more than half of all UK adults support the continuation of the triple lock, even when it’s set to increase the state pension by more than 10%.

“When we analyse the data we can see a difference of opinion between the generations. Unsurprisingly perhaps, the vast majority of over-55s support the triple lock, but less than a third of under-35s are in favour of the mechanism.”

Amid its research, Canada Life also noted that not all retirees claiming the state pension will receive a state pension of over £10,000 a year. According to figures from the Department for Work and Pensions (DWP), there are currently around a quarter of all retirees receiving state pension benefits are paid less than the full new state pension of £185.15 a week.

“While this largest ever increase to the state pension will be an added strain on the public purse, it’s clear there would be a significant political challenge if our new Prime Minister was to suggest watering it down,” Tully added.

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