Triple lock to stay: how will it affect your pension?

Triple lock looks set to stay, but what it is and what does it mean for your retirement income?

Old people looking at an iPad
Retirees will receive a 10.1% increase to their state pension
(Image credit: © Getty Images )

The pensions triple lock is here to stay, meaning pension will rise in line with inflation in the new tax year, chancellor Jeremey Hunt said in his Autumn Statement this week.

In its 2019 manifesto the Conservative Party promised to uphold the triple lock, which ensures the state pension is increased each year by either the rate of inflation, the rise in average earnings or 2.5% – whichever is higher. With inflation rising rapidly, the future of triple lock has been questioned over the years.

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Nic studied for a BA in journalism at Cardiff University, and has an MA in magazine journalism from City University. She has previously worked for MoneyWeek.