Martin Lewis delivers state pension verdict on the future of the triple lock | Personal Finance | Finance

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Martin Lewis has shared his thoughts on the future of the state pension and the triple lock.

State pension payments increased by a sizeable 8.5 percent last month under the triple lock, raising the question of if the policy will need to be changed to keep it affordable.

Mr Lewis was asked on his BBC podcast if there would be a state pension at all over the coming decades.

The financial journalist warned that “any change is possible” as the Government could change the system but he things some things will stay the same for now.

He explained: “I think if you’re on the new state pension, then a very similar system is likely to exist until you retire, especially if you have bought those years.

“What I think is more at risk, is that the triple lock disappears to an extent.

“That currently goes up at the highest of 2.5 percent a year, or inflation, or average earnings.

“That could certainly change and the value of the state pension could change, all of that could change the equation.”

State pensioners got a record 10.1 percent increase to payments in April 2023, in line with inflation.

Mr Lewis added: “But I think it is quite unlikely that if you are buying a year because you need a year, it is pretty unlikely that that won’t be very lucrative for you in the long run.

“As long as you live long enough to claim the state pension, once you start claiming it.

“I think that would be a huge, massive, monumental, systemic change. I can’t promise that won’t happen but I think it’s unlikely.”

His BBC podcast this week focused on buying National Insurance contributions to max out your state pension.

One man is on track to get an extra £21,000 in state pension payments.

A pensions expert recently people often misunderstand how National Insurance and the state pension work.

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