Labour will maintain the State Pension Triple Lock for the next five years after winning the General Election.
Millions of older people across the UK will see future State Pension payments protected by the Triple Lock following Labour’s win in the General Election on July 4. Under the Triple Lock policy, the New and Basic State Pension s increase each year in-line with whichever is the highest between average annual earnings growth from May to July, CPI in the year to September or 2.5 per cent.
However, it’s important to be aware that the earnings growth figure used for the Triple Lock will be published by the ONS on August 13, but as it stands, it looks set to be the key driver. Remember, these calculations are based on the current ONS data. The one to watch out for is the May to July earnings growth figure which will be published on August 13.
The latest figures from HM Revenue and Customs show that 8.1m people in retirement currently pay tax, largely due to additional income from workplace or private pensions on top of their State Pension.
Benefits DWP Personal Finance Labour Party General Election UK Government Retirement Cost Of Living HMRC Tax Taxes
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