Triple lock could add £45bn a year to state pensions bill by 2050, IFS says

Maintaining guarantee will put insurmountable pressure' on government to increase retirement age, according to institute

Maintaining the triple lock on state pensions could add as much as 45bn a year to the welfare bill by 2050, putting insurmountable pressure" on the government to increase the minimum retirement age, according to the Institute for Fiscal Studies.

In a report published ahead of the release next week of official data for earnings growth, which will be used to set the annual increase in pensions, the IFS estimates spending on retirees could rise by a further 2bn from April 2024.