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The Institute for Fiscal Studies estimates keeping the triple lock in place could add \u00a345bn a year to public spending by 2050.<\/p>\n
The think-tank claims such levels of spending would produce \u201cinsurmountable pressure\u201d for a \u201cmuch higher\u201d state pension age.<\/p>\n
IFS economist Heidi Karjalainen said: \u201cThe triple lock makes it especially hard to know how much you might receive from a state pension and how much the state pension will cost the state in the future.<\/p>\n
\u201cAn additional real risk is that retaining the triple lock for too long increases state pension spending so significantly that it leads to insurmountable pressure for a much higher state pension age.<\/p>\n
\u201cThis would particularly affect people with poorer health who struggle to remain in employment until they reach state pension age.\u201d<\/p>\n
Keeping the lock would put pensions at between \u00a310,900 to \u00a313,400 a year, in today\u2019s terms, over the same period, the IFS estimated.<\/p>\n
The pledge means pensions rise every April in line with the highest of wage growth, price inflation or 2.5 percent.<\/p>\n
Wage growth figures released on Tuesday are expected to be used to calculate next year\u2019s rise.<\/p>\n
Jan Shortt, the general secretary of the National Pensioners Convention campaign, said: \u201cWe get tired of being presented as taking out of the economy when we have paid our dues in work and still contribute around \u00a3160bn to the Treasury.\u201d<\/p>\n
She added: \u201cThat will increase over time as more pensioners are asked to pay tax due to the freeze on the tax threshold.\u201d<\/p>\n
Caroline Abrahams, the charity \u00addirector at Age UK, said: \u201cKeeping the triple lock is essential because it\u2019s the Government policy that arguably does more than anything else to \u00adprotect older people on low incomes from financial hardship at a time of inflation, particularly those who rely on the state pension.<\/p>\n
\u201cWithout the triple lock this year the state pension would have \u00adsuffered a devastating real terms cut.<\/p>\n
\u201cThe cost-of-living crisis hasn\u2019t gone away and prices for everyday items are substantially higher than they were a year or two ago.\u201d<\/p>\n
Dennis Reed, the director of pressure group Silver Voices, called the \u00adfindings \u201cabsolute poppycock\u201d and hit out at the IFS for its \u201cscare stories\u201d.<\/p>\n
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He added: \u201cRaising the state \u00adpension age further could only be contemplated if life expectancy starts rising again and employers are stopped from \u2018letting go\u2019 workers in their 50s and 60s.\u201d A Department for Work and Pensions spokesman said: \u201cThe Government is committed to the triple lock.<\/p>\n
\u201cThe Secretary of State will conduct his statutory annual review of benefits and state pensions in the autumn, using the most recent prices and earnings indices available.\u201d<\/p>\n
In April, a 10.1 percent rise linked to inflation pushed up payments for pensioners retiring after April 2016 to \u00a3203.85 per week; the old basic state pension went up to \u00a3156.20.<\/p>\n
The IFS said earnings growth will likely determine next April\u2019s rise as it is likely to be higher than inflation.<\/p>\n