State pension is a benefit, not guaranteed entitlement

Next month, over 13 million retirees will see a 4.1% increase in their state pension under the triple lock. However, those on the basic state pension may only receive a 1.7% rise, as some elements are not protected. The state pension is classified as a benefit, not an entitlement, meaning it is funded by taxpayers and not guaranteed. This distinction allows the government to adjust pension policies, including potential means testing or changes to the triple lock. The state pension age is also subject to change, with increases planned from 66 to 67 between 2026 and 2028. Financial pressures may lead to further adjustments, raising concerns among retirees about the future of their pensions.