{"id":4016,"date":"2023-03-13T11:07:07","date_gmt":"2023-03-13T11:07:07","guid":{"rendered":"https:\/\/www.experlu.co.uk\/blog\/?p=4016"},"modified":"2024-08-08T07:51:38","modified_gmt":"2024-08-08T07:51:38","slug":"triple-lock-pension","status":"publish","type":"post","link":"https:\/\/www.experlu.co.uk\/blog\/triple-lock-pension\/","title":{"rendered":"What is the triple lock pension, and how does it affect me?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The triple-lock pension scheme is the government&#8217;s commitment towards retirees to safeguard their pensions during inflation. Many of the retired community suffer from poverty and have a poor lifestyle. The UK government implemented this state pension policy to upgrade their living standards in 2010.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the triple-lock pension scheme is about to be modified after the Coronavirus outbreak in the country. It is estimated to become too expensive to maintain by the government.<\/p>\n\n\n\n<div class=\"outline_two\">\n    <h2>Table of Content<\/h2>\n    <ul>\n        <li><a href=\"#What\">What is a triple lock pension?<\/a><\/li>\n        <li><a href=\"#triple\">How does triple lock affect you?<\/a><\/li>\n        <li><a href=\"#How\">How to protect yourself from such suspensions?<\/a><\/li>\n        <li><a href=\"#Conclusion\">Conclusion<\/a><\/li>\n    <\/ul>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"What\">What is a triple lock pension?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A triple lock pension is a government&#8217;s commitment towards retirees to raise their pension level annually. Three measures decide the increase in the state pension of a retiree, hence triple lock.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.experlu.co.uk\/get-started?utm_source=blog&amp;utm_medium=CTA_button&amp;utm_campaign=Service&amp;utm_id=b2&amp;utm_term=accounting&amp;utm_content=button_click%22%20class=%22bfill-btn\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"523\" src=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-1024x523.jpg\" alt=\"Hire an Accountants\" class=\"wp-image-7531\" srcset=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-1024x523.jpg 1024w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-300x153.jpg 300w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-768x392.jpg 768w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-450x230.jpg 450w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-780x398.jpg 780w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-150x77.jpg 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The highest of the three different criteria given below adds to the current pension amount:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u25cf&nbsp;&nbsp;Average growth of wages every year,<br>\u25cf&nbsp;&nbsp;A minimum of 2.5%, or<br>\u25cf&nbsp;&nbsp;Inflation measured by the Consumer Prices Index<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That means if your average income increases by 5%, your state pension will be 5% as well. When average income and CPI remain unchanged, state pensions increase by 2.5%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let us understand triple-lock pensions with the following diagrams:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"904\" height=\"545\" src=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/1.1.jpg\" alt=\"State pension increases by 5%\" class=\"wp-image-4019\" style=\"width:453px;height:273px\" srcset=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/1.1.jpg 904w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/1.1-300x181.jpg 300w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/1.1-768x463.jpg 768w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/1.1-450x271.jpg 450w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/1.1-780x470.jpg 780w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/1.1-150x90.jpg 150w\" sizes=\"auto, (max-width: 904px) 100vw, 904px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"904\" height=\"529\" src=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/3.1.jpg\" alt=\"State pension increases by 2.5%\" class=\"wp-image-4020\" style=\"width:473px;height:277px\" srcset=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/3.1.jpg 904w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/3.1-300x176.jpg 300w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/3.1-768x449.jpg 768w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/3.1-450x263.jpg 450w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/3.1-780x456.jpg 780w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/3.1-150x88.jpg 150w\" sizes=\"auto, (max-width: 904px) 100vw, 904px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"triple\">How does triple lock affect you?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As a young employee, you may wonder what is state pension triple lock? But, If you are receiving a state pension, you know how vital a triple lock is for your livelihood.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Conservative-Liberal Democrat coalition in 2010 proposed the state triple lock pension to keep the retirees above the poverty line. However, it became a burden for the government in later years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The government suspended the triple lock for the 22 tax year and became a double lock instead. The pension increased by 3.1%, higher of a minimum of 2.5% and CPI. The government argued that many people were coming out of furlough after the pandemic, and it distorted wage growth %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Chancellor in 2022 <a href=\"https:\/\/www.experlu.co.uk\/blog\/autumn-statement-2022\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">autumn statement<\/mark><\/a> has confirmed that triple lock is coming back in 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the below table, we can see which of the factors in the triple lock is <a href=\"https:\/\/www.experlu.co.uk\/blog\/how-to-minimise-your-pensions-tax-bill\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">affecting the pension<\/mark><\/a>:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-background\" style=\"background-color:#fcf0ef\"><tbody><tr><td><strong>Years<\/strong><\/td><td><strong>CPI<\/strong><\/td><td><strong>Average Income<\/strong><\/td><td><strong>Guaranteed minimum<\/strong><\/td><td><strong>Which part of the triple lock triggered the state pension<\/strong><\/td><\/tr><tr><td>April 2012<\/td><td>5.2%<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>CPI<\/td><\/tr><tr><td>April 2013<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>2.5%<\/td><td>Guaranteed minimum<\/td><\/tr><tr><td>April 2014<\/td><td>2.7%<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>CPI<\/td><\/tr><tr><td>April 2015<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>2.5%<\/td><td>Guaranteed minimum<\/td><\/tr><tr><td>April 2016<\/td><td>&#8211;<\/td><td>2.9%<\/td><td>&#8211;<\/td><td>Average income raise<\/td><\/tr><tr><td>April 2017<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>2.5%<\/td><td>Guaranteed minimum<\/td><\/tr><tr><td>April 2018<\/td><td>3%<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>CPI<\/td><\/tr><tr><td>April 2019<\/td><td>&#8211;<\/td><td>2.4%<\/td><td>&#8211;<\/td><td>Average income raise<\/td><\/tr><tr><td>April 2020<\/td><td>&#8211;<\/td><td>3.9%<\/td><td>&#8211;<\/td><td>Average income raise<\/td><\/tr><tr><td>April 2021<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>2.5%<\/td><td>Guaranteed minimum<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">To understand the above table, we have taken a graph to see the rise and fall pattern in the state pension.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"710\" src=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/2.1-1024x710.jpg\" alt=\"How much state pension increased each year\" class=\"wp-image-4021\" style=\"width:420px;height:290px\" srcset=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/2.1-1024x710.jpg 1024w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/2.1-300x208.jpg 300w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/2.1-768x533.jpg 768w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/2.1-450x312.jpg 450w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/2.1-780x541.jpg 780w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2023\/03\/2.1-150x104.jpg 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2013, 2015 and 2015, the state pension increased by 2.5% when the prices and income were not changing. That means the pensioners were earning more than the working group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From April 2010 to April 2016, there was an approximately 22.2% rise in the state pension compared to growth in earnings and CPI or consumer price index.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hence, the triple lock pension has an impact on your life. Additionally, you can beat inflation when the government promises to pay a guaranteed minimum of 2.5% on a pension. So, your <a href=\"https:\/\/www.experlu.co.uk\/blog\/five-ways-to-take-control-of-your-retirement-savings\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">retirement fund<\/mark><\/a> increases over time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What else?<\/strong><br>A triple-lock pension changes your spending structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Inflation directly impacts the cost of living of an individual in the UK. The CPI keeps track of the rise and fall of every household&#8217;s essential goods and services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Suppose the CPI is 5%, and your state pension fails to cope with the inflation, your money drains and empties your pocket. Also, to <a href=\"https:\/\/www.experlu.co.uk\/blog\/tips-and-tricks-to-save-money\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">save money<\/mark><\/a> during inflation, you need to reduce purchasing some essential items.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The life expectancy of an individual varies. The state pension you receive may not fulfil all your needs from retirement to death. However, a triple lock pension can meet the increasing cost of goods and services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"How\">How to protect yourself from such suspensions?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It would be best not to depend only on government allowances, as they can change over time. Therefore, you must have a separate retirement fund or <a href=\"https:\/\/www.experlu.co.uk\/blog\/top-10-investments-to-make-money\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">make investments in the initial years<\/mark><\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investment in the early days is a great choice. You can earn more, and instead of increasing the spending, purchase stocks in the market and sell them at higher prices later. Then, pool the money in a separate pension account to avoid personal expenses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can ask a professional to settle your accounts and help make a separate retirement fund.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.experlu.co.uk\/get-started?utm_source=blog&amp;utm_medium=CTA_button&amp;utm_campaign=Service&amp;utm_id=b2&amp;utm_term=accounting&amp;utm_content=button_click%22%20class=%22bfill-btn\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"523\" src=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-1024x523.jpg\" alt=\"Hire an Accountants\" class=\"wp-image-7531\" srcset=\"https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-1024x523.jpg 1024w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-300x153.jpg 300w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-768x392.jpg 768w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-450x230.jpg 450w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-780x398.jpg 780w, https:\/\/www.experlu.co.uk\/blog\/wp-content\/uploads\/2024\/05\/3-6-150x77.jpg 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Conclusion\">Conclusion<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A triple lock pension is an advantage for retirees to spend their life without compromising their needs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Individuals must <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">start saving money from the early stages of employment<\/mark>. That savings will be of great use after retirement. In addition to that money, the government pension will act as an add-on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, before you decide, you must speak to a professional. Experts know the government&#8217;s latest rules and regulations and guide you to a better <a href=\"https:\/\/www.experlu.co.uk\/blog\/five-ways-to-take-control-of-your-retirement-savings\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">retirement planning<\/mark><\/a> program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The triple-lock pension scheme is the government&#8217;s commitment towards retirees to safeguard their pensions during inflation. Many of the retired community suffer from poverty and have a poor lifestyle. The UK government implemented this state pension policy to upgrade their living standards in 2010. However, the triple-lock pension scheme is about to be modified after [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,16],"tags":[54,68,132,481],"class_list":["post-4016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-startups","tag-accounting","tag-finance","tag-retirement-savings","tag-triple-lock-pension"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is the triple lock pension, and how does it affect me?<\/title>\n<meta name=\"description\" content=\"The triple-lock pension scheme is the government&#039;s commitment towards retirees to safeguard their pensions during inflation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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