The Tony Blair Institute (TBI) has called on the Labour Party to reconsider the pension triple lock, which guarantees annual increases in state pensions based on inflation, wage growth, or a minimum of 2.5%. The TBI argues that this policy is becoming increasingly unaffordable, especially as Britain's population ages, with projections indicating that the number of pensioners will rise from 12.6 million to nearly 19 million by 2070. This demographic shift could escalate state pension spending from 5% to 7.8% of gross domestic product, amounting to an additional £85 billion annually in today's money. The thinktank suggests that maintaining the triple lock could lead to higher taxes or reduced public services. While Labour leader Rachel Reeves has stated the party's commitment to the triple lock, the TBI emphasizes the need for a broader overhaul of the pension system, including the introduction of a new 'lifespan fund' that would allow for more personalized and flexible pension support. The Department for Work and Pensions maintains that supporting pensioners remains a priority, with expected increases in pensions of up to £2,100 annually for millions.