"Triple Lock" mechanism scrapped for 2022/2023
07 September 2021
The government has announced that it will scrap the "triple lock" for the financial year 2022-23
This mechanism ensures that state pensions rise by inflation, wage growth, or 2.5%, whichever is the highest.
Work and Pensions Secretary, told MPs that the temporary, one-year change would mean pensions would rise by 2.5% or in line with inflation next year.
The state pension would have risen by over 8% due to extraordinary changes in wages caused by the furlough scheme without this change.
The one-year adjustment will be introduced for 2022-23 only and the triple lock will be restored the following year.
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