SOLVED - Looking for small print on triple lock

Lankester_Merrin

Evening all.

I reached state pension age before 6 April 2016. My state pension is made up of the state pension, graduated pension, and what they call additional pension. I have currently deferred this and am aware of the rules - the interest on the deferred-interest is subject to the consumer price index etc.

Can anyone please direct me to an online page regarding detailed documentation on the UK state pension? I can't find an answer to my question regarding the triple lock increase on the Gov website. My question is. Does the triple lock apply to all parts of my state pension (state pension, graduated pension, additional pension)? I'm hoping it does but I'd like to see it in writing.

I have also taken up the top-up option when it was available (now closed). As I have paid for the top up, but not as yet receiving it (because pension is deferred), will that amount accrue interest from triple lock?

I'm prepared to wade through the small print, if I could only find the documentation. I'm sure the government will calculate it correctly but I'd like to do it myself also. I did phone Department of Work and Pensions, who referred me to National Insurance Contributions Office, who referred me back to Department of Work and Pensions.

Regards to all readers.

LM

Silvertabby

My understanding is that (as a pre 2016 pensioner) only your basic State pension increases by the triple lock, with the remainder increasing by CPI.

But you are right - it's finding it ! Hopefully someone will pop up with the details for you.

Linton

The law only requires that any component of SP increases with inflation, taken to be CPI. Government policy has been to institute the triple lock for basic SP, though I dont know about the earlier Graduated Pension. Extra SP (from deferring) and Additional SP (SERPs/S2P etc) are only increased by CPI.


See https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN05649 and the full report attached therein.

Dazed_and_confused

This might be a starting point, or more specifically the full report PDF linked to at the bottom,

https://researchbriefings.parliament.uk/ResearchBriefing/Summary/CBP-7812

xylophone

Does the triple lock apply to all parts of my state pension (state pension, graduated pension, additional pension)? I'm hoping it does but I'd like to see it in writing.

No, it does not.


When your "old rules" state pension comes into payment, only the basic state pension is increased under the current "triple lock" arrangement.

https://www.thisismoney.co.uk/money/pensions/article-5032049/Why-parts-state-pension-rise-different-rates.html

JezR

New State pension and (old) Basic Pension by law uprate with 'general rate of earnings', as does the standard minimum guarantee. This change was enacted by the Pensions Act 2007 but didn't come into force until 2011.

Lankester_Merrin

Thank you all for your most helpful responses. Much appreciated. Solved. LM