UK State Pension Age Review Sparks Triple Lock Debate

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The Government’s ongoing review of the state pension age could result in significant policy changes, with experts warning the triple lock mechanism may also be under scrutiny.

Currently, the state pension age is 66 and is set to increase to 67 by 2028. The review will examine whether further increases should be implemented sooner than planned.

Rachel Vahey, who is the head of public policy at AJ Bell, believes the review of the state pension age could eventually compel the government to address the triple lock. This mechanism guarantees the state pension will increase each April based on the highest of three figures: average earnings growth, the rate of inflation from the preceding September, or 2.5%. According to Vahey, the government can manage pension costs in two ways: by adjusting the state pension age or by reforming the triple lock itself.

A consultant from Barnett Waddingham suggested the true figure could be as much as £8 billion higher. He further warned that without additional National Insurance contributions, the Government might need to raise the pension age significantly, potentially to “the dizzying heights of 80”  to control spending.

Higher inflation this year means pensioners could receive an increase of almost £500 in April 2026. While welcome news for recipients, this will add further pressure to public finances.

The outcome of the review is expected to set the direction of UK pension policy for decades, determining both when people can retire and how their income in retirement is protected.