MONEY POLL: Should the state pension triple lock be scrapped to save the UK economy?
GB NEWS
State pension payments are likely to rise by more than £500 next year thanks to the triple lock
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State pension payments are forecast to rise by 4.7 per cent next year, which would be a more than £500 payment boost for millions of older Britons receiving full, new payments.
However, concerns have been raised by the Office for Budget Responsibility (OBR) over the long-term sustainability of the triple lock, which is the mechanism used to determine payment hikes.
Based on the OBRs research, the state pension triple lock is costing the Government £10billion more than initially projected at a time when borrowing costs are at a record high.
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