State Pension Triple Lock Is Suspended

Published / Last Updated on 16/11/2021

The Government via a House of Commons vote has rejected proposed amendments by the House of Lords to retain the triple lock on the state pension.

For tax year 2022/23 only, the government had proposed to remove the average earnings inflation from the triple lock (an 8% increase) and for state pensions to increase by Consumer Prices Index (CPI) inflation of 3.1% (September 2021).

The Lords proposed amendments and tried to retain the earnings link but the government have rejected this.

This means that state pensions will increase by 3.1%pa in April 2021 and not 8%.

Guy Opperman, pensions minister suggested it would be “reckless” to retain the lock when the rest of the country will face cut backs and higher taxes as the government deals with covid-19 debts.


This is going to be tough on pensioners given that they will also be paying the 1.25% health and social care levy that the self employed, employed will pay on earnings as well as business owner/directors also paying via a levy on dividends.

Explore our Site

Money MOT
T and C