Pensions - Articles - Treasury confirms 4.8% Triple Lock increase

David Brooks, Head of Policy at Broadstone, said: “Confirmation that the State Pension will increase by 4.8% takes the annual benefit right up to the brink of the frozen Personal Allowance threshold and will drag more retirees into paying Income Tax next year.

“The outsized increase to the State Pension will once more raise questions around the long-term viability of the Triple Lock given the accelerating cost to the Exchequer. With the State Pension Age review ongoing, it will be interesting to see if it makes any proposals beyond raising the age of receipt either higher or faster.

“As we head into Winter with the cost-of-living pressures still biting, the news will be reassuring for those pensioners who are largely reliant on the State Pension to provide the majority of their income.”