The triple lock has been a boon for state pensioners, lifting hundreds of thousands out of poverty because it was launched in 2010. The Daily Express has repeatedly defended the mechanism against a growing army of critics, as a result of we all know how essential it's.

Yet the pledge to extend the state pension annually by earnings, inflation or 2.5 %, whichever is highest, is proving more and more controversial.

Pensions will price the UK £124billion this yr, and the overall invoice is predicted to hit £135billion by 2025, heaping more pressure on the Treasury.

Former pensions minister turned later life campaigner Baroness Ros Altmann offers quick shrift to those that say we won't afford this.

She notes that the UK has one of many lowest state pensions within the developed world, and most EU international locations pay for extra.

Her message is evident: “Of course Britain can afford to pay its state pensions, this is a political choice of priorities.”

Yet she additionally recognises that it has to stay inexpensive, and argues that it is doable to avoid wasting the state pension whereas additionally saving cash.

Her options might not please everyone. One entails everyone paying extra National Insurance contributions.

Another proposes taking the knife to the triple lock.

The Government has tried to chop the invoice by repeatedly mountain climbing the state pension age.

Altmann says this has to cease, as it should solely plunge extra pensioners into poverty. Those with well being issues, no financial savings or caring duties can not preserve hanging on for his or her pension. “Many more will die before receiving anything at all if state pension age rises are accelerated.”

She additionally guidelines out means testing the state pension in order that wealthier pensioners get a diminished sum or nothing in any respect. 

"If the state pension is only paid to those with little or no savings, the average worker may reasonably decide not to bother with pension contributions and just spend all their money.” 

So with the government deficit continuing to grow, what can we do to make the state pension sustainable?

Altmann's views may be controversial but urgently need airing.

READ MORE: State pension warning over triple lock changes to hit millions

Currently, workers need 35 years of qualifying National Insurance contributions to get the full new state pension.

Altmann says “this is nowhere near a full working life” and increasing this to 45 years will be "a greater and fairer approach to management prices".

In one respect, that is going again to the longer term. Before 2010, males wanted to make 44 years of contributions to get the complete fundamental state pension (ladies wanted 39 years).

Altmann notes that somebody who began work at 16 ought to nonetheless have a full NI report by age 51, or 56 if they begin at 21.

Those who fall quick might high up their entitlement by making voluntary contributions, elevating cash for the Exchequer.

She additionally proposes rolling all common pensioner advantages into the next state pension, which might make them taxable.

The state pension is decrease than the £12,570 private allowance however does depend in direction of whole taxable earnings. Adding Winter Fuel Payments would see the higher off paying tax on them. “They are worth far more to well-off pensioners than others, which seems unfair and is hardly a sensible use of taxpayer resources,” Altmann says.

Finally and most controversially, Altmann suggests downgrading the triple lock to a double lock by ditching the two.5 % uplift, which she says has turned in to a “political gimmick”.

She says: “A double lock, which ensures the state pension keeps up with rising prices or earnings, is fairer and would save money in the long-run too.”

Altmann claims that these measures will make the state pension sustainable with out undermining it. Not everybody will agree however it may simply be our final probability and it is higher than forcing us all to work till we drop.