The latest State Pension figures raise a question mark over the future of the triple lock guarantee, says Quilter.
Figures from the Department for Work and Pensions showed the number of people receiving the State Pension increased by 1.7% to 13.1 million in February 2025.
It marks an increase of 213,800 people claiming the State Pension since February 2024 and 37,900 since November.
The average payment has also seen some of the largest cash increases on record, rising by nearly £19 a week in 2023 and £17 a week from 2024.
Jon Greer, head of retirement policy at Quilter, said: “The triple lock offers valuable protection for pensioners, but it has no clear benchmark and is becoming increasingly difficult to fund sustainably as a result of both the mechanism itself and the UK’s shifting demographics.”
Greer says a sensible way forward would be to tie state pension increases to a rolling average of earnings growth, allowing flexibility during periods of high inflation while maintaining fairness between pensioners and the working-age population.
With the State Pension age set to rise to 67, Greer said people should also consider how they will supplement the State Pension in later life.
“For many, that will mean building up private savings and making use of guidance and advice to ensure they have a sustainable retirement income, regardless of how future governments choose to manage these costs,” he added.
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