Britons need to save more for retirement if they are to avoid penury in their twilight years. There is no getting away from that uncomfortable fact.
The triple lock – the mechanism that ensures the state pension rises in line with inflation, or wage increases, or by 2.5 per cent, whichever is the greatest – has done a fine job of reducing pensioner poverty, but, as the Office for Budget Responsibility has stated, it is now getting horribly expensive. The economy is simply growing too slowly, and the population ageing too quickly, to make it sustainable.
