State pensioners to lose £46,000 each as pension age increases

Oct. 3, 2024 - Express

Retirees could lose upwards of £46,000 each if the state pension age rises to 70 as is feared. With the state pension triple lock pledge adding increasing pressure to the Government budget, some experts have suggested raising the age at which people can claim their state pension could help sustain the annual uprating.

By honouring the triple lock, the state pension rises every year by the highest of three measurements: inflation, wage growth, or 2.5 percent.

Figures from the Office for Budget Responsibility (OBR) show the state pension cost £110.5billion in 2022/2023.

At present, Britons can start claiming the state pension benefit when they reach the age of 66, and this is expected to rise to 67 between 2026 and 2028...