Govt defeats Lords' bid to save state pension triple lock

Jenna Brown
clock • 3 min read

UK MPs have rejected amendments put forward by members of the House of Lords that would have retained the state pension triple lock following "fiery" exchanges in the House of Commons. The state pension triple lock will now be suspended for a year as planned to prevent a 8.3% increase based on ‘artificially high' earnings growth brought about by the pandemic. The double lock arrangement will see the state pension increase in line with Consumer Prices Index (CPI) inflation of 3.1%. However, concerns were raised about rising inflation hitting pensioners' standards of living. An amend...

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