Pensions Decision Should Only be Temporary

FeaturedNew
RR Updated
Pensions Decision Should Only be Temporary

Blog Tags

Search by Tag
Select existing or new tags and apply to your post.

Associated Listings

Member Listing

You may have seen in the press recently that the Government have announced that the triple lock for State Pensions in 2022/23 will become a double lock.

What does this mean for pensioners?

The triple lock was a Conservative party pledge that the STATE PENSION would increased every year by either:

  • 2.5%,
  • inflation; or
  • the average increase in wages

whichever is the greater.

The average increase in wages for the current year is estimated to be around 8%, which the Government feel is a bit of an anomaly caused, in part, by the furlough scheme.

If State Pensions were to increase by 8% it is estimated that this could cost the Treasury an additional £5 billion.

What does the Government’s decision mean?

Therefore, the Government have said that for this year the state pension will have a double lock, which means it will increase either by 2.5% or inflation, whichever is the highest. 

In real terms, this will mean the basic state pension from next April will go up from £137.60 per week to at least £141.05, and those on the new State Pension will increase £179.60 per week to £184.10, and if inflation is higher than 2.5% this could be more.

Will this change be permanent?

However, this change should only be temporary, and the Government have said that the triple lock will be reinstated from 2024 onwards.

Get in touch

If you have any questions over how this impacts your estate or Will, please contact our Private Client team at Nash & Co Solicitors in Plymouth. You can reach the team by emailing Alice Carter Tyler at This email address is being protected from spambots. You need JavaScript enabled to view it. or calling 01752 827027. You can also ask us to call you back by filling in the contact form here.

User comments

There are no user comments for this listing.
Comments

You might also be interested in

Untying the knot. Is there such a thing as a ‘good divorce’?
Category: Members' News
Untying the knot. Is there such a thing as a ‘good divorce’? Whilst it may not be possible to have a...
Film crew to come to the South Hams this month
Category: General News
A new film starring Jim Broadbent and Penelope Wilton will be filmed in the South Hams this month.
Rare snake photographed in the South Hams
Category: General News
An albino grass snake has been photographed in the South Hams.
Salcombe Town Council is asking for nominations for their Citizen of the Year award
Category: General News
Salcombe Town Council is searching for the town’s Citizen of the Year 2021. 
SHDC wants to modernise council chambers to enable "hybrid meetings"
Category: General News
The pandemic has changed the face of local government, pushing it online and in the process making it more accessible to more people. ...
Fire crews called to car blaze
Category: General News
Fire crews from Buckfastleigh and Ashburton were called to a car on fire just off the A38.