How long can the UK afford the pension triple lock?

The article discusses the UK's pension triple lock policy, which guarantees a yearly increase in the state pension by the highest of either 2.5%, the rate of inflation, or the average earnings growth. While the policy has been praised for protecting retirees' incomes, economists have raised concerns about its long-term affordability and fairness. The article notes that the policy has been a significant contributor to the rising cost of the state pension, which is expected to reach £155 billion by 2025. This has led to calls for the government to review the policy, especially in light of the economic challenges posed by the COVID-19 pandemic. Opponents argue that the triple lock disproportionately benefits wealthier retirees and that the cost should be more evenly distributed across society. The article also suggests that the policy may need to be adjusted to ensure its sustainability, potentially by linking pension increases to a broader measure of inflation or earnings. Overall, the article highlights the need for a balanced approach that protects retirees' incomes while also ensuring the long-term viability of the pension system.