Overview

• Official OBR modelling shows the triple lock would require raising state pension age to 69 by 2049 and 74 by 2069 to keep spending below 6 % of national income
• The IFS finds maintaining the triple lock could add up to £40 billion a year to public spending by 2050, making current indexation unsustainable
• It recommends abandoning the triple lock once a set pension-to-earnings target is reached and switching to smoothed increases tied to average earnings
• To boost private saving, the report calls for mandatory 3 % employer contributions from the first pound, extending auto-enrolment to ages 16–74 and lowering the earnings threshold to £4,000
• The review insists the state pension remain non-means-tested while endorsing targeted support for those within a year of pension age