With the autumn budget approaching, pressure is mounting on the government to consider scrapping the state pension "triple lock", as debate intensifies over whether the policy is still affordable. The British Chambers of Commerce has called for it to be axed, with savings redirected towards tackling youth unemployment, while the Institute for Fiscal Studies (IFS) has highlighted its rapidly growing cost. Introduced by George Osborne in 2010 but originally a Liberal Democrat policy from the coalition negotiations, the triple lock has been credited with protecting pensioners' living standards, but critics increasingly argue it is unsustainable given the UK's fiscal pressures.

The triple lock raises the state pension each year by whichever is highest of inflation, average wage growth, or 2.5%. This year it added 4.8%, benefiting more than 12 million people with rises worth up to £575 annually. The IFS says the state pension bill will hit £154bn this year, £16bn higher than without the triple lock, and could cost around £20bn a year by 2050, though estimates range from £5bn to £40bn given economic uncertainty. The Office for Budget Responsibility has noted the policy has already cost roughly three times initial projections, and the Resolution Foundation has branded it "a terrible policy", while supporters, including Age UK, insist it remains vital for protecting pensioners' incomes.