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Labour ministers may be eyeing up changes to the eligibility criteria for the state pension in a bid to keep the payments sustainable. Chancellor Rachel Reeves has already highlighted a £22billion funding gap that the Treasury needs to address, and Prime Minister Kier Starmer has hinted at a 'painful' Autumn Budget, sparking fears that Labour could soon make the state pension less generous.
Mike Ambery, retirement savings director at Standard Life, commented: "The cost of the state pension as it stands is likely to increase further in the future. While the Government has committed to retaining the triple lock by which the state pension increases each year by the average increase in wages across the UK, inflation or 2.5 percent, there's been no such commitment around what's required to qualify for the state pension."
Mr Ambery examined the two options Labour might consider, either increasing the National
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