Millions risk a bleak retirement as under-saving crisis deepens despite pension rise

A £11 weekly pension boost hides a grim truth: scrapping the triple lock could push 26 million toward poverty. Why even earnings-linked rises won’t fix the crisis.

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2025 November 20 . 4:01 PM

1 min read

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Millions risk a bleak retirement as under-saving crisis deepens despite pension rise

The state pension is set to rise from £230.25 to £241.40 a week next April, thanks to the triple lock guarantee. This policy remains in place until the current parliament ends. Yet concerns are growing over a looming under-saving crisis that could leave millions struggling in retirement.

Former Pensions Minister Steve Webb has uncovered unpublished figures revealing the scale of the under-saving problem. If the triple lock is scrapped and pensions rise only with inflation, 26.1 million people could face a bleak retirement. Even if increases match earnings growth instead, 19 million would still struggle financially in old age.

The triple lock remains secure for now, lifting weekly state pensions to £241.40 from April. But with the Chancellor eyeing cuts to salary sacrifice schemes, the risk of under-saving grows. Without changes, millions could face a sharp decline in living standards when they retire.