What is the triple lock and how much is it worth?
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What is the triple lock and how much is it worth?
by geemong Czw Lis 10, 2022 5:56 am
What is the triple lock and how much is it worth?
Next year's state pension increase will be announced in the Autumn Statement on Thursday 17 November.
Players SLOTXO will have to make their own selections and try and analyze the risks themselves, which are games with low pay rates. It's out often, but the prize money isn't as much as the high-paying games.
Under former Prime Minister Liz Truss, pensions were due to rise with surging inflation.
However new PM Rishi Sunak is yet to confirm his plans - prompting speculation that the increase could be less generous.
What is the triple lock and how does it work?
This is known as the "triple lock". The increase comes into effect each April.
It was introduced by the Conservative/Liberal Democrat coalition government in 2010 to ensure the value of the state pension was not overtaken by the increase in either the cost of living or the working population's income.
In its 2019 election manifesto, the Conservative Party said it would keep the triple lock in place for the duration of this Parliament.
However, during the Covid-19 pandemic the triple lock was suspended. This was because of an unusually large rise in average earnings following the end of the government's furlough scheme.
As a result, pensions increased by CPI (then 3.1%) for 2022-23.
The government previously pledged to restore the lock from April 2023.
Who gets the state pension?
Overall, the state pension accounts for just under half of the total amount of money the government spends on benefits each year.
In 2021-22 it spent £104.7bn on the the state pension. This was an increase of £2.9bn from the amount spent in 2020-21.
The government says 12.4 million people currently receive the state pension.
Men and women born between 6 October, 1954, and 5 April, 1960, start receiving their pension at the age of 66.
But for people born after this date, the state pension age is gradually increasing to 67 by 2028 and 68 by 2046.
Next year's state pension increase will be announced in the Autumn Statement on Thursday 17 November.
Players SLOTXO will have to make their own selections and try and analyze the risks themselves, which are games with low pay rates. It's out often, but the prize money isn't as much as the high-paying games.
Under former Prime Minister Liz Truss, pensions were due to rise with surging inflation.
However new PM Rishi Sunak is yet to confirm his plans - prompting speculation that the increase could be less generous.
What is the triple lock and how does it work?
This is known as the "triple lock". The increase comes into effect each April.
It was introduced by the Conservative/Liberal Democrat coalition government in 2010 to ensure the value of the state pension was not overtaken by the increase in either the cost of living or the working population's income.
In its 2019 election manifesto, the Conservative Party said it would keep the triple lock in place for the duration of this Parliament.
However, during the Covid-19 pandemic the triple lock was suspended. This was because of an unusually large rise in average earnings following the end of the government's furlough scheme.
As a result, pensions increased by CPI (then 3.1%) for 2022-23.
The government previously pledged to restore the lock from April 2023.
Who gets the state pension?
Overall, the state pension accounts for just under half of the total amount of money the government spends on benefits each year.
In 2021-22 it spent £104.7bn on the the state pension. This was an increase of £2.9bn from the amount spent in 2020-21.
The government says 12.4 million people currently receive the state pension.
Men and women born between 6 October, 1954, and 5 April, 1960, start receiving their pension at the age of 66.
But for people born after this date, the state pension age is gradually increasing to 67 by 2028 and 68 by 2046.
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