Pension ‘triple lock’ was first costed at just £50mn, says ex-government adviser

A former government adviser has revealed that the pension "triple lock" was initially budgeted at just £50 million when it was introduced after the 2010 election as part of the coalition agreement between the Liberal Democrats and the Conservatives. This policy guarantees that pensions will rise in line with inflation or 2.5% annually, whichever is higher. The revelation comes as discussions about the rising cost of such schemes and their long-term sustainability heat up, highlighting the significant financial implications for the government. This insight sheds light on the origins and potential future challenges of the pension policy.