What is the triple lock on pensions and how could it affect you?

Jul 27, 2021 · The triple lock on pensions, which is a Government pledge to raising the State Pension by a certain amount each year, has been hitting the headlines. This is because there …

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State Pension Triple Lock: What It Is And What Might Change?

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Oct 18, 2024 · Based on current forecasts, the full new State Pension is set to hit almost £12,000 next year – not far off the current tax-free Personal Allowance of £12,570. Using predictions of …

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Triple Lock Plus Explained: What Is It And How Would It Impact My ...

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May 28, 2024 · So coined the "triple lock plus", if elected the Tory party will increase a pensioner's personal allowance in line with either average earnings, inflation or by 2.5% - whichever is …

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What’s In Store For Pensions In 2025? - MoneyWeek

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Dec 18, 2024 · The state pension will increase by 4.1% in April 2025, thanks to the triple lock. It means someone receiving the full new state pension will get £230.25 a week, or around …

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FAQs about What is the triple lock on pensions and how could it affect you? Coupon?

Does the triple lock apply to my state pension?

The triple lock applies to most State Pension payments, but there are two exceptions that increase in line with CPI instead: Additional State Pension – part of the old State Pension that you might get if you reached pension age before 6 April 2016. Any extra amount if you decided to delay taking your State Pension – known as deferring. ...

What does the triple lock mean for pensioners?

This is the impact of inflation and means the value of your money gets lower over time. To stop this from happening to pensioners, the triple lock guarantees the State Pension will increase by at least 2.5% every year. It’s also meant State Pension has risen at a faster rate than if it had just tracked one thing, like inflation. ...

Is the triple lock on state pensions a burden?

The triple lock on state pensions has proven to be a burden for some governments because it is expensive for the public. The government has thought about changing the triple lock on various occasions, such as by replacing it with a double lock based merely on increases in incomes or CPI (whichever is the higher). ...

Will a 7% rise in pensions be possible under the triple lock?

This means that average earnings in the UK have jumped by 7.3% this year. Under the triple lock this rise would be translated to a 7% rise in the state pension – a development the government says is simply not feasible in the current climate. Get pension advice We’ll find a professional perfectly matched to your needs. ...

Is the triple lock putting pensioners at risk of paying income tax?

This 4.1% uplift to the state pension is courtesy of the triple lock - a long-running policy that received cross-party support at the general election. But while this is good news on a surface level, it puts many pensioners at risk of paying income tax. ...

Will a pension review remove politics from the triple lock?

The government’s current pension review, launched in July 2024, will look at pensions adequacy, which must consider both state and private provision. Greer says: “Perhaps the review will be the mechanism to start the journey for change that removes the politics from the triple lock.” ...