Richard Tice’s failure to commit to the triple lock has been slammed as a “cold-hearted betrayal” of millions of poorer pensioners. Reform UK’s deputy leader called the policy “unsustainable” and “not guaranteed” under his party.

Daisy Cooper, deputy leader of the Liberal Democrats, said: “This would be a cold-hearted betrayal of millions of poorer pensioners who rely on the triple lock. Tice’s comments make clear that Reform UK are happy to play fast and loose with the financial security of vulnerable pensioners and the stability of pension investments, which help Britain’s economy grow. The Lib Dems were proud to introduce the pension triple lock to tackle pensioner poverty, and we will fight to protect the pensioners of today and tomorrow.”

Under the triple lock guarantee, the state pension increases every April in line with whichever is the highest of total earnings growth in the year from May to July of the previous year, Consumer Prices Index (CPI) inflation in September of the previous year, or 2.5%.

Office for National Statistics figures released on Wednesday showed CPI inflation for September was 3.8% in September, remaining at the same level as both July and August.

Mr Tice said that “everything has to be on the table” on pensions because liabilities of unfunded pension schemes is “heading north at a colossal rate”. However, he was not willing to say whether Reform would scrap the triple lock.

When asked if the triple lock on pensions is sustainable, and if Reform would get rid of it if so, he said: “No, and we’ve made it very clear that we’re not giving any guarantees on the triple lock.

“In the medium to long term, it’s unsustainable. Of course, everybody wants pensions to be at the highest possible level, and that’s why I’m focused on the mismanagement and underperformance of the local government pension schemes, and I’ll be talking more about pensions tomorrow and in the future.

“It’s a critical area to get right. What you can’t do is accept when vested interests are creaming off the system to the detriment of taxpayers.”

Tory leader Kemi Badenoch said: “I have been very clear. The triple lock is Conservative policy.

“Nigel Farage and others can have speculative conversations. They are commenting. He has never had to enact any policy.

“If you look at what’s happening with the Reform councils, they made promises they cannot deliver. We are not going to do that. What we promise, we will make sure that we can deliver.”

Jan Shortt, general secretary of the National Pensioners Convention, said her organisation “understands the rhetoric behind the scapegoating of pensioners over the triple lock”.

She said: “This is nothing new and we know that until there is an open and transparent debate around what a living state pension should be, and how it is indexed, there will never be dignity, respect and financial security for older people.

“Everyone grows old, and the triple lock is protection for those who retire in the future as well as those living in poverty today.”

Sir Keir Starmer’s spokesman insisted the triple lock is safe under the Government.