State pension to rise 2.5% with triple lock in 2021/22; lifetime allowance up 0.5%

2.5% widely expected

Hannah Godfrey
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“This is despite a challenging economic backdrop in which many workers are taking a cut to their pay packet" - Quilter's Ian Brown.
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“This is despite a challenging economic backdrop in which many workers are taking a cut to their pay packet" - Quilter's Ian Brown.

The triple lock's 2.5% rule is set to be triggered following a low CPI annual rate and low earnings figures, offering pensioners 2% above inflation.  This Wednesday the CPI annual rate for the year to September was revealed to be 0.5%, while earnings figures, released in July, stood at -1%. As a result, the 2.5% rule on the triple lock will kick in, offering pensioners 2% above inflation. Pensioners on the new state pension will see a rise of £4.40 a week to £179.60 and those on the ...

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