For days, it appeared as though the annual rise guarantee for pensions was in doubt. Here we explain the long-standing manifesto pledge from the Conservative Party and its bumpy journey to remain as a policy.
After a month of economic pledges and screeching U-turns in Westminster, the focus turned this week to one policy in particular - the pensions triple lock.
In practice, it means that the state pension must rise by whichever of the following three things is highest:The government usually compares the three rates in September, before implementing the correct rise the following April.The measure was introduced by the Conservative and Liberal Democrat coalition government after they took office in 2010.
But with the debt the government had racked up during the pandemic, it feared raising pensions at the same rate would be too expensive for the Treasury's coffers. But questions remained over what else could follow as he warned of"more difficult decisions" ahead on tax and spending. But charities warned the impact on poorer pensioners, who are facing soaring food and energy bills amid the cost of living crisis, could be huge.
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