UK’s pension triple lock to cost three times more

The cost of the state pension triple lock is forecast to be three times higher by the end of the decade than its original estimate, according to the government’s official forecaster.

The triple lock, which came into force in 2011, means that the state pension rises each year in line with either inflation, wage increases or 2.5% – whichever is the highest.

The Office for Budget Responsibility (OBR) said the annual cost of the triple lock policy is estimated to reach £15.5bn by 2030.

In response to the report, the government said it was “committed” to the current policy.

“We are committed to supporting pensioners and giving them the dignity and security they deserve in retirement,” a Treasury spokesperson said.

Overall, the OBR…