Kemi Badenoch has said she does not want to scrap the triple lock "now" but said "lets see mess Labour leaves for us".
The Tory leader told Sky News that the triple lock was a Conservative idea and that it was right to protect people who had contributed to the welfare system.
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The triple lock means the state pension must rise by whichever is highest of either average earnings, inflation or 2.5%.
However, she said she would not say she would "never" reform it or explicitly rule it out for the next parliament.
In April, the government stated that 55% of social security expenditure in 2025-26 would be spent on pensioners.
The Office for Budget Responsibility says the triple lock has pushed up the spending on the state pension by £12bn a year, compared to if it had been uprated in line with average earnings.
The problem with the triple lock, Ms Badenoch suggested, was low growth - with 0.1% in the UK.
She suggested it was also the reason why Argentinian President Javier Milei - whom she has praised as "fantastic" and "fearless" - could block pensioner entitlement rises is because they are growing at 6%.
"If we were growing a 2% to 3%, you wouldn't have a problem with pensions," she explained.
"Argentina is growing at 6%. What we're seeing right now is growth at 0.1%. Growth is flatlining. We need to start with getting growth."
But asked whether the Tories would "never" look at reforming the policy, she said: "That moment is not now. And I don't want people to be confused about what our policy is right now. Our policy is to keep the triple lock. Let us focus on welfare, that is the picture of what we mean by right now."
Asked how long that would be her position for, Ms Badenoch replied: "Well, let's see what this budget leaves. Let's see what mess Reeves leaves for us."
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The triple lock is the cause of much debate, given the economic climate, with Reform UK leader Nigel Farage also saying its future depended on the state of the economy.
Asked by political correspondent Tamara Cohen whether a potential Reform government would keep the triple lock, Mr Farage said the matter was one of "open debate" and that keeping the triple lock would depend "on the state of the economy".
Pressed on when he would make a decision because pensioners were becoming concerned, he said: "Not now. Nearer the election."
He added: "Right now they're getting above inflation increases.
"That doesn't mean they're wealthy. The real worry for many pensioners will be even with modest pensions, this budget could drag them all into the tax system. That'll worry them even more."
(c) Sky News 2025: 'Not now': Badenoch backs triple lock pension for the moment
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