State pensioners will receive an extra £870 each year after the “triple lock” was guaranteed by Jeremy Hunt 🗣️ The chancellor announced that state pension payments would be raised in line with inflation of 10.1% – the largest ever annual increase
Will Stevens, Head of Wealth Planning at Killik & Co, said: “Those already receiving the State Pension will see the real value of their pensions continue to rise in line with inflation, at least for the time being.
7 September 2021 – Work and Pensions Secretary Therese Coffey announces a “temporary” pause on the triple lock system due to the impacts of the coronavirus pandemic on jobs and earnings, bringing up pensions by just 2.5 per cent for the 2022 financial year. Johnson later tells MPs that the payments will be brought back up in 2023. “‘I accept this breaks a manifesto commitment, which is not something I do lightly,” he says.
5 October – Truss reiterates her promise to bring up pension payments in line with soaring inflation.
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