Pension triple lock to cost three times initial estimate

The UK state pension triple lock cost is projected to rise three times higher by 2030 than initially estimated, reaching £15.5bn, according to the government's official forecaster, the Office for Budget Responsibility (OBR). The OBR warns that recent government U-turns on spending cuts and welfare reforms have contributed to a concerning rise in government debt. The state pension cost has increased due to the triple lock and an aging population, leading to unsustainable long-term fiscal challenges for the UK's public finances.