Browsing: pension policy

The government warns that future pensioners may face reduced benefits due to shifting economic pressures and demographic changes. Experts urge early planning to mitigate potential income shortfalls in retirement.

The UK’s pension triple lock is set to cost three times more than initially projected, sparking debate over its sustainability. Rising inflation and wage growth have driven the unexpected surge in payments.

The triple lock is a UK policy ensuring state pensions rise annually by the highest of inflation, wage growth, or 2.5%. For 2024, the full new state pension stands at approximately £203.85 weekly.