Calls to reform the state pension grow as analysts are urging the Labour Government to replace the triple lock with an alternative mechanism for raising payments every year.
Under the triple lock, state pension payment rates rise annually by either the rate of consumer price index (CPI) inflation, average wage growth or 2.5 per cent; whichever is highest.
This comes as the Office for Budget Responsibility (OBR) projects the state pension in its current form will cost the taxpayer more than £15billion a year by 2029.
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