How does it compare with other countries?
This article examines the sustainability of the UK's 'triple lock' pension system compared to international standards. It discusses potential reforms to the system as costs rise and the debate over whether current benefits are sufficient for pensioners.
Why it matters
Pension policy is a critical economic issue that affects the financial security of aging populations and the long-term fiscal health of the state.
Share Save Add as preferred on Google Dharshini David Deputy economics editor 10000 hours Getty Images Getting older is something few of us want to think about. Yet how we fund our later years, and how much we'll get, has been a hot topic.
The triple lock formula - state pensions increasing by the greatest of 2.5%, earnings growth, or inflation - means those benefits have risen far faster than the earnings of workers since its introduction in 2011.
But as housing costs have also been rising fast, pensioner poverty has actually increased slightly in the last decade.
Nevertheless, even if you take those costs into consideration, pensioners are less likely to be in relative poverty - that is, having to get by on less than 60% of the income of the typical household - than families with children or working-age people.
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