Chancellor Rachel Reeves is under fire for failing to announce plans to mean test the state pension during her Spring Statement earlier this afternoon.
While outlining her plans to cut public spending and reform the welfare system, pension reform was notably absent from the Chancellor's fiscal statement.
This is despite ongoing concerns over the long-term viability of the state pension on the public purse with the retirement benefit's cost presently making up 46 per cent of the Department for Work and Pensions' (DWP) spending.
According to the latest Government figures, the state pension bill hit £124.1billion for the 2023/24 tax year and is projected to rise to £169.4billion by 2029/30.
The Chancellor is under fire for not committing to state pension means testing
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Analysts have noted that Labour has "repeatedly ruled out looking at the state pension" despite calls to means test payments or reform the triple lock.
As it stands, the state pension is a universal benefit and is awarded to Britons once they reach pension age, which is currently 66 years old.
Under the triple lock, retirement payments rise in line with either the rate of inflation, average wages or 2.5 per cent; whichever is highest.
Edmund Greaves, the editor of Mouthy Money, has warned that without significant reforms, the burden on taxpayers could spiral "out of control".
DWP minister Liz Kendall has yet to target state pensions in her DWP reforms
PAHe explained: "Labour has repeatedly ruled out looking at the state pension and whether affordability measures could be introduced, such as limited means testing or watering down the triple lock.
"It is telling that yet again today Reeves has ignored the issue. The simple truth is the state pension is unsustainable in its current guise.
"The state pension is paid for by taxpayers. As our population ages, we have less taxpayers paying for more pensioners.
"Unless the Government introduces means testing, the triple lock will cause payments to spiral out of control and the burden will balloon while the tax base shrinks.
"But the Government doesn’t want to means test and keeps on refuting or ignoring the problem. It’s only option instead will be to keep increasing the age future generations can get state pension.
"It’s already set to rise to 70 for younger workers and isn’t going to go the other way.
"Be it Labour or Tory, the Government isn’t being honest because it is just trying to finesse decades of unsustainable political promises.
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Pensioners are worried about the cost of living GETTY "Our message to anyone working today and saving for retirement is don’t hope and wait for the state pension when you’re old, because it probably won’t be there thanks to the failure to reform it and make it sustainable. Instead, make a plan today for your future, take it into your own hands."
From April 2025, those on the full new rate will see their payments rise by 4.1 per cent,
The full rate will increase from £221.20 per week to £230.25, amounting to an extra £470 annually.
This means eligible pensioners will receive £11,973 across a full year from April 6, 2025.
