Overview

• The Office for Budget Responsibility warns state pension payments under the triple lock will cost £15.5 billion annually by 2029/30, triple earlier estimates
• Labour has committed to maintain the triple lock through to the next general election, scheduled by August 2029
• Personal finance experts, including Amy Knight, argue that reducing tax relief on workplace pensions could help fund the rising bill without altering the uprating mechanism
• State pension payments rose by 4.1% in April under the triple lock formula, marking the latest annual increase since its 2010 introduction
• The ongoing rollout of defined-contribution “megafunds” under the Pensions Schemes Bill will continue until 2030, making significant policy changes unlikely before then