An increase in the state pension age could be expedited to generate revenue to pay for the triple lock, a former minister has warned.
Former Conservative MP Lord Willetts said there was “precedent and evidence” to suggest the retirement benefit’s age threshold could be raised sooner than previously expected.
He told The i that the Government is set to raise the state pension age to 67 by the next Parliament but noted a “further increase could be sped up”.
Prime Minister Rishi Sunak confirmed that the triple lock would remain in place throughout the next Parliament if the Tories win the next General Election.
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However, critics have expressed concern about the long-term viability of funding the triple lock going forward.
Economists have warned that going ahead with the PM’s plan would cost the taxpayer as much as £49billion at a time when the country’s tax burden is the highest it has been since World War II.
Since 2010, the Government has promised to raise state pension payment rates every year through the triple lock, although it was temporarily replaced with a double lock in 2022/23.
The triple lock is a pledge to uprate the state pension by the highest out of the rate of inflation, average earnings or 2.5 per cent.
State pension age will rise to 67 by 2028 then it will further increase to 68 GETTYBritons currently aged between 47 and 48 will be expecting to retire in 2044 at 68 under the status quo.
However, this group could have to wait longer for their retirement entitlement if these changes come into effect.
Currently, the Government is planning to hike the state pension age from 66 to 67 between 2026 and 2028.
It has also scheduled a further review within two years of the next Parliament to review recommendations for an earlier increase to 68.
Last March, an independent review of the state pension age by Baroness Lucy Neville-Rolfe recommended an increase to 68 between 2041 and 2043.
82 per cent of GB News members voted against raising the state pension age to 68, while 17 per cent agreed.