The triple lock could be reformed as a review on the state pension age gets underway, an expert has warned. The Government is required to carry out a review every six years, with the latest announced by the Chancellor set to conclude in 2029.

Rachel Reeves said the review into raising the state pension age is required to ensure the system is “sustainable and affordable” and that it was “right” to assess the age at which people can receive the payments as life expectancy increases. However, an expert has warned the future of the triple lock could be uncertain amid concerns over the rising annual cost of the state pension. Rachel Vahey, head of public policy at AJ Bell, said this latest review “may eventually force the Government’s hand” and warned there could be changes to the triple lock.

“State pension benefits are one of the single biggest expenses for the Treasury and account for more than 80 per cent of the £175bn pensioner welfare bill,” she said, according to The Independent.

“Without policy intervention, state pension costs are set to spiral to nearly 8% of GDP over the next 50 years based on the current trajectory, up from 5.2% today.

“One option is to raise the state pension age higher and faster than currently planned.”