Is the state pension 'triple lock' sustainable?

All three main parties backed pledge to boost pensions, but report suggests costs have been underestimated

An elderly person holds cash
(Image credit: Matt Cardy/Getty Images)

All three main parties backed the so-called 'triple lock' on the state pension heading into the general election earlier this year. The Conservative government is now honouring the pledge.

The policy, which guarantees payouts rise according to whichever is higher: inflation, wages or the figure of 2.5 per cent, ran throughout the last parliament. It has meant pensioners' annual income has increased by at least 2.5 per cent at a time when price rises have been well below this level.

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