Autumn Statement 2016: Pension triple lock retained

New NS&I bond and cold-calling consultation announced

clock • 2 min read

Philip Hammond's first - and, as it turns out, last Autumn Statement - included a pledge to retain the pension triple-lock through this Parliament, a new three-year NS&I investment bond and a crackdown on pension scams.

The triple lock - the mechanism by which the government increases the state pension each April by the higher of growth in average earnings, the Consumer Price Index or 2.5% - will now remain in place at least until the next General Election, which is scheduled for 2020. Aegon pension director Steven Cameron welcomed the confirmation, adding: "The state pension is the bedrock of many people's retirement incomes and to give pensioners certainty, government should not make mid-term changes to state pension commitments. "Nine years of ‘triple lock catch-up' by 2020 will be a very valuable...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read
Perfect timing: How to advise clients on the right time to retire

Perfect timing: How to advise clients on the right time to retire

Striking a balance between health, wealth and personality

Richard Hulbert
clock 05 February 2024 • 4 min read
Baillie Gifford: Enjoying later life without an income from work

Baillie Gifford: Enjoying later life without an income from work

The latest from PA’ Digital Working Lunch webinar series

Professional Adviser
clock 12 December 2023 • 2 min read