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Triple Lock Becomes Double Lock For 1 Year

Just announced by the pensions minister. Earnings rises expected to be around 8%, so the government has decided to ignore the earnings part of the triple lock for 1 year.
The rise in pensions will be the higher of inflation and 2.5%. That's expected to be inflation, but the number is not in yet.
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Comments

  • Yeah going to cost them too much so cutting it -  BoE expecting a 4% peak with Inflation too.  All gone to pot
  • MX5huggy
    MX5huggy Posts: 6,983 Forumite
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    They got one thing right today then.

    What will this cost me on my SP to be taken in 2050?
  • Marcon
    Marcon Posts: 12,200 Forumite
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    Good call.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • nigelbb
    nigelbb Posts: 3,810 Forumite
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    pip895 said:
    It would have been ridiculous not to have made an exception.   Inflation looks like it will still give pensioners a decent rise..
    Matching inflation is not a rise at all.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    edited 7 September 2021 at 2:40PM
    MX5huggy said:
    They got one thing right today then.

    What will this cost me on my SP to be taken in 2050?
    The pandemic is far from over in economic terms. I'd be more concerned as to how the ongoing bill is going to be funded first. Tax raising measures are a certainty. 
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