Fix My Pension – The retirement planning experts

What is Triple Lock and How Does It Affect You?

There’s been much talk about the Pension Triple Lock of late, but what is it and how might it affect us in the future? Triple Lock was put in place by the government in 2010. It was an initiative aimed at protecting state pensions from diminishing over time by raising it yearly by a minimum of either 2.5%, the rate of inflation, or the average earnings growth, whichever is higher. Triple Lock has so far served pensioners well. According to the Institute for Fiscal Studies, “between April 2016, the value of the state pension has been increased by 22.2%, compared to growth in earnings of 7.6% and growth in prices of 12.3% over the same period.” In 2001 pensioners were … Read More…

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