Triple lock guarantee to be replaced by a ‘double lock’ for 2022-23
After much speculation, in September, the Secretary of State for Work and Pensions, confirmed suspension of the average earnings component of the pension triple lock, to avoid a disproportionate rise of the State Pension following the pandemic.
For the 2022-23 tax year only, the new and basic State Pension will increase by the higher of either 2.5% or the consumer rate of inflation. The triple lock is due to be restored after one year, with the government expected to implement the policy throughout the remainder of their parliament.
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