Why the pension triple lock is back in the spotlight

Why the pension triple lock is back in the spotlight

The BBC reports “Financial pressure on the Treasury from the coronavirus outbreak has prompted more speculation over the level of future rises in the state pension.

At present, the state pension increases each year in line with the rising cost of living seen in the CPI measure of inflation, increasing average wages, or 2.5%, whichever of those three is highest.

This is known as the triple lock, and it is a Conservative manifesto pledge for the five years of this Parliament.

However, the technical aspects of state-paid wages during the coronavirus outbreak could lead to a big rise in the state pension if the government sticks to the current system.” Read the full article 

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