Triple Lock Survives: 8.5% Pension Increase Coming

Posted on 11/22/2023

The triple lock is a UK government mandate to increase the basic and new state pension each year. However, the triple lock requires pensions to increase by whichever amount is highest: average earnings growth, CPI inflation, or 2.5%. That means that pensions are increasing at a faster pace, as they are constantly searching out the…

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