Covid-19 likely to trigger triple lock's 2.5% fail-safe

Basic state pension increased 41% since policy inception

Hannah Godfrey
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By 2024/25 the triple lock is expected to cost £6bn more than a straight CPI inflation lock and £3.2bn more than a lock on average earnings.
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By 2024/25 the triple lock is expected to cost £6bn more than a straight CPI inflation lock and £3.2bn more than a lock on average earnings.

The coronavirus pandemic is likely to trigger the triple lock’s fail-safe mechanism, meaning the state pension will rise by 2.5% from next April.

On Wednesday (21 October) the CPI inflation announcement for September will confirm the triple lock state pension boost retirees can expect from April 2021. According to pension provider AJ Bell, with...

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