State pensioners set to breach tax threshold under ‘triple lock’ boost

Maike Currie, vice president of personal finance at PensionBee, said: “After 15 years of the triple lock, calls for its reform are growing as the cost continues to rise and questions of generational fairness become harder to ignore. The UK has around one million young people not in employment, education or training, persistent child poverty and a generation of workers facing high housing costs and a heavy tax burden, while also being asked to fund an increasingly expensive retirement system.

“But pitching pensioners against young people is the wrong answer. We all rely on younger generations to work, build businesses and pay the taxes that ultimately support the State Pension. The challenge is to protect pensioners from poverty today without steadily passing an unsustainable bill to the working generation.”