Covid-19 likely to trigger triple lock's 2.5% fail-safe

Basic state pension increased 41% since policy inception

Hannah Godfrey
clock • 3 min read

The coronavirus pandemic is likely to trigger the triple lock's fail-safe mechanism, meaning the state pension will rise by 2.5% from next April.  This Wednesday the CPI inflation announcement for September will confirm the triple lock state pension boost retirees can expect from April 2021. According to pension provider AJ Bell, with Covid-19 likely to keep inflation subdued and average earnings in the three months to July down 1%, it appears highly likely the 2.5% rule underpinning the triple lock will kick in. The triple lock guarantees the basic state pension will rise in line ...

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