State pension UK: Pensions forecast to rise to £20,000-a-year by 2050 | Personal Finance | Finance


Defending the Government’s scrapping of the triple lock in the House of Commons, Thérèse Coffey, the Secretary of State for Work and Pensions, outlined why a “one-year adjustment” regarding state pensions is essential to balance the books. Ms Coffey explained: “This year as restrictions have lifted and we experienced an irregular statistical spike in earnings over the operating review period, I’m clear that another one-year adjustment is needed. It will ensure the basic and new state pensions increase by 2.5 per cent or in line with inflation, which is expected to be the highest figure this year. And as happened last year, it will again set aside the earnings element for 2022/23, before being restored for the remainder of this parliament.

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