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The triple lock guarantee returned as promised in 2022. Work and Pensions Secretary Mel Stride told the House of Commons that the pension for 2023-24 would increase in line with inflation by 10.1% ...
Chancellor Jeremy Hunt confirmed that the state pension will be uprated in line with inflation at 10.1% from April 2023. ‘Sigh of relief’ for pensioners as triple lock is confirmed for next ...
What is the state pension triple lock? The triple-lock guarantee, first implemented in 2011, means the state pension increases year-on-year by the highest of three measures . These are:
All state pensions for these pensions are protected by the "triple lock" guarantee. This was a Liberal Democrat manifesto policy that was then adopted by the 2010–2015 coalition government , meaning that the benefit rises each year by either the annual price inflation, or average earnings growth, or a guaranteed 2.5% minimum, whichever is the ...
The increase will apply to all working-age benefits, including universal credit, PIP, DLA, attendance allowance, carer’s allowance, ESA and more. In line with the triple lock, the State Pension ...
Changes would take the full state pension to around £12,000 in 2025/26, after the £900 increase in 2023. Chancellor Rachel Reeves has reaffirmed the Government’s backing of the triple lock ...
Unlike in 2000, state pensions are now protected under a government system known as the triple lock, where annual payments are guaranteed to increase by the highest level of either CPI, 2.5%, or ...
“The triple lock was suspended last year as wage data was deemed to have been skewed by the pandemic furlough scheme and pensioners were instead given a 3.1% increase which aligned with CPI ...