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...
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