WebA triple lock was introduced to the UK state pension in 2010. It was a guarantee that the state pension would not lose value in real terms, and that it would increase at least in line with inflation. To make the guarantee even more secure, it included three separate measures of inflation (hence 'triple lock'). WebSep 7, 2024 · The work and pensions secretary has announced the triple lock on the state pension will be temporarily suspended next year, to avoid the government having to hike …

What is the triple lock on state pensions? - Times Money Mentor

WebSep 9, 2024 · The triple lock has been shelved for one year because the impact of the coronavirus crisis on wages could have led to an unaffordable rise. Instead it is essentially becoming a “double lock”. WebNov 18, 2024 · Chancellor Jeremy Hunt has just confirmed the state pension triple lock will be reinstated in April 2024 and payments will rise in line with September 2024's inflation figure of 10.1 percent, as ... kirk cousins republican

What is the triple lock on state pensions? - Times Money Mentor

WebSep 7, 2024 · As prime minister tacks 1.25% tax onto share dividends. In a move reminiscent of the West Wing episode Take out the Trash Day, the government took the opportunity on Tuesday to confirm that the earnings element of the pensions triple lock will be removed for 2024/23. Shortly after Boris Johnson took to the despatch box to confirm … WebFeb 15, 2024 · The triple lock has been a core commitment of every government budget since 2010, when it was announced by the Coalition Government made up of the Conservatives and the Liberal Democrats. It was a response to the fact that the real value of the state pension had fallen, and it looked to guarantee that this vital state benefit would … WebOct 19, 2024 · The triple lock has become a source of intergenerational tension, as younger workers’ wages have been vulnerable to the erosive impact of inflation. From … kirk cousins tik tok