UK suspends state pension triple lock for 12 months

Jenna Brown
clock • 4 min read
UK suspends state pension triple lock for 12 months

The state pension triple lock has been suspended for one year, the government has confirmed. The change comes from the government's concern that a post-pandemic rise in average earnings would have seen the state pension shoot up by 8%. Work and pensions secretary Therese Coffey said the average earnings component of the triple lock would be disregarded for the 2022/23 financial year. It will rise, instead, by the rate of the Consumer Prices Index or 2.5% whichever is higher. The retenti...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login