UK state pensions obey the so-called 'Triple Lock' rule where they increase in payout yearly according to the greatest of:
1. the growth in national average earnings;
2. the growth in retail prices as measured by the Consumer Price Index;
3. 2.5 per cent.
This causes an additional increase in pension costs over time on top of the effect of the country's aging population and is a source of resentment among some young people.
In the short term maybe? A forward shift in age threshold is essentially a one-time reduction to expected future pension expenditures, whereas the triple lock and increasing post-retirement life expectancy are continuous increases.
This causes an additional increase in pension costs over time on top of the effect of the country's aging population and is a source of resentment among some young people.