The state pension may have to undergo significant changes in the future as costs continue to swell for the Government. That is according to one expert who has expressed concern about the pressure of an ageing population.

In just a few days, the state pension will rise by 10.1 percent in a bumper boost for older Britons.

The rise is in line with September 2022’s CPI inflation figure, and represents the largest ever boost to the state pension.

It means the full new state pension will rise over £10,000 for the first time.

However, the pressure of increased costs and an ageing population could present challenges for the Chancellor Jeremy Hunt in the future.

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Kevin Bailey, managing director at Wessex Investment Management offered a stark warning to Mr Hunt.

He said: “No Government can ignore the facts.

“We have an increasingly ageing population and reducing birth rate (ONS has suggested that the rate has fallen by 17 percent over 10 years from 1.94 to 1.61 to December 2022).

“Thus numbers paying tax into the system to support those taking benefits in the form of a state pension will reduce.”

The Government has vowed it will protect the triple lock until the end of Parliament.

However, Mel Stride, work and pensions secretary, said that while a hike was delayed for now, there would be another review of the state pension age in the first two years of the next Parliament. 

The state pension will rise from April 6, 2023, and the new rates are as follows: 

The full new state pension will rise from £185.15 to £203.85 weekly. Some may get less if they were contracted out before April 6, 2016.

The old, basic state pension will rise from £141.85 to £156.20 per week.

The married woman’s, or Category B, basic state pension will increase from £85.00 to £93.60 a week

Finally, the Category C or D non-contributory state pension will also increase from a weekly payout of £85.00 to £93.60.