Overview

• The Office for Budget Responsibility projects the triple lock will cost £15.5bn annually by 2030 and place UK public finances on an unsustainable path
• Industry experts have proposed imposing annual caps on state pension upratings or shifting to inflation-only increases to reduce spending unpredictability
• Both the government and Labour leader Sir Keir Starmer have pledged to maintain the triple lock through the current Parliament despite mounting cost pressures
• The revived commission, chaired by Baroness Jeannie Drake, will examine state pension adequacy and workplace savings with recommendations due in 2027
• A legally required review of the state pension age has been launched to report by March 2029 as demographic shifts and widespread under-saving intensify retirement inequalities