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...

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