The UK state pension increases each year as a result of a policy known as the “triple lock.”
The triple lock is a commitment by the UK government to annually increase the state pension by the highest of three possible factors:
- Inflation (measured by the Consumer Price Index),
- Average earnings growth,
- Or a minimum of 2.5%.
This policy is intended to ensure that the state pension maintains its value over time and provides a certain level of financial security to retirees.
The Times has an excellent resource called Money Mentor. You can learn more about the UK state pension and this year’s increase using the links below:
How much state pension will I get?
