Pensioners may be glad of the 10.1% rise in the basic state pension this month, but a new Government report has hinted that its days may be numbered in its current form.
This week’s 10.1 per cent increase is expected to cost the Treasury an additional £11bn on top of the £110bn cost to taxpayers in 2022/23, and the major review into pensions, commissioned by the Government, has concluded that the current scheme is simply becoming too expensive and something will have to give.
According to experts who have analysed the report, either the state pension age will have to rise rapidly, which will hit anyone currently under 40 particularly hard, or the triple lock will need to be axed very soon.
