State pensions costs in Britain are expected to hit £135bn by 2025, which is £2bn higher than education, policing and defence combined, according to an analysis of official figures by The Times. The growth in pension costs is partly down to an ageing population and a guaranteed annual increase, known as the “triple lock”. Research from the Institute for Fiscal Studies and the Abrdn Financial Fairness Trust showed that a third of people do not think the state pension will exist in 30 years time.