State Pension payments could be frozen due to soaring costs of Triple Lock uprating

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State pension age to be reviewed by UK Government amid fears that 45% of workers are not saving

Under the Triple Lock, the New and Basic State Pension increase each year in-line with whichever is the highest between average annual earnings growth from May to July, Consumer Price Index (CPI) inflation in the year to September or 2.5 per cent. Over the 2025/26 financial year, the State Pension will cost the UK Government an estimated £145.6 billion.

Earlier this year, Pensions Minister Torsten Bell quashed growing speculation on social media that the State Pension would become means-tested under the Labour Government. However, Claire Trott, Head of Advice at St. James’s Place, warns that the long-term sustainability of the State Pension Triple Lock is a topic that won’t go aw