State pension triple lock
The triple lock is a pledge made by the Government to raise the state pension amount by either the CPI inflation rate 25 percent or the rate of average earnings. However due to the furlough.
State Pension Increase 2022 Times Money Mentor
The triple lock was introduced in 2010 and increases the State Pension by either inflation earnings or 25 percent whichever is higher.
. Chancellor Rishi Sunak scrapped the earnings element of. The state pension payment is protected by a triple lock guarantee which means that every April it will increase by either Septembers rate of inflation earnings growth or a guaranteed minimum of 25 whichever is larger. Under the triple lock system the state pension increases by the highest of the growth in wages inflation as measured by the Consumer Prices Index CPI or 25.
The state pension triple lock system was introduced in 2010 to ensure state pension payments would keep up with rising prices and average earnings.
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