Treasury minister Torsten Bell has indicated that the Conservative Party may need to increase the state pension age beyond 70 to sustain the triple lock system. This comes as Labour proposes reforms to the triple lock, with funds directed towards a national care service. Bell highlighted the rising costs associated with the current system, projecting expenses could reach £50 billion by 2050 without adjustments.
The state pension age is currently under review, with an expected rise to 68 between 2044 and 2046. Bell criticized the Conservatives for their past approach to pension age increases, suggesting that without reform, they would likely resort to similar measures as seen in previous years, which provided minimal notice to the public.