Urgent warning made over UK state pensions

• An industry expert has warned that the UK state pension age may need to rise to 80 without significant reforms, as the current system is becoming unaffordable.
• The state pension age is already scheduled to increase from 66 to 67 by 2028, with a further rise to 68 expected to be brought forward from 2046.
• The Office for Budget Responsibility projects the annual cost of the state pension could reach £200 billion by 2073, representing 7.7-8.4 per cent of GDP by the 2070s.
• Pensions expert Jack Carmichael suggests the cost could be even higher than official projections, potentially necessitating a state pension age of 80 to maintain affordability.
• To manage spiralling costs, the government may be compelled to either raise the state pension age more rapidly or reform the triple lock mechanism.

IN FULL

State pension age could hit 80 unless major changes made, expert warns