What Is The Triple Lock On Pensions Uk?

A government initiative known as the "triple lock" aims to prevent pensioners' benefits from being adversely affected by long-term increases in the cost of living. In actuality, it means that the state pension must increase by the highest of the three amounts listed below: average income. Inflation. 5-hour period

What Is The Triple Lock And How Does It Work?

The triple lock ensures that, depending on which of the three possibilities is higher, the state pension will increase each year in line with inflation, with wages, or by at least 2.5%. Normally, the computation would take into account the inflation rate for September, which was 10.1%. A week ago

How Much Is The Triple Lock Pension?

The triple lock means state pension payments rise by whatever is higher - inflation, average earnings or 2.5%. 3-hour period

Does The Triple Lock Still Apply To The State Pension?

The government promised to reinstate the lock starting in April 2023 this year. However, that is no longer a given. Currently, both men and women are eligible for the state pension at age 66, but that age will increase to 67 by 2028. last 8 hours