Triple Lock on Pensions Could Lead to Government Rising Retirement Age, Says Institute for Fiscal Studies

The triple lock could add up to £45 billion a year to the cost of state pensions, a report by the Institute for Fiscal Studies has found.

A member of staff at a branch of Halifax bank displays a new British £5 note, in London on Sept. 13, 2016. Alastair Grant, File/AP Photo

The government will face “insurmountable pressure” to increase the minimum retirement age by maintaining the triple lock on state pensions, according to the Institute for Fiscal Studies (IFS).

The analysis also indicates that the triple lock could potentially increase spending by anywhere between a further £5 billion and £45 billion per year, in today’s terms, by 2050.