Questions are being raised about the long-term viability of the state pension in its current form due to the benefit’s financial cost, with analysts suggesting a form of means testing could be introduced.
According to the Office for Budget Responsibility (OBR), the universal payment for pensioners is costing the UK Government £10billion more than initially forecast.
To reduce the expense on the public purse, various proposals have been suggested including raising the retirement age threshold sooner than expected, reform to the triple lock and implementing a new means testing model.
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