State pension triple lock to provide boost but pensioners urged to secure extra £3,300 | Personal Finance | Finance
State pension payments are often considered vital to retired people, but many have had to deal with changes in the last year. The triple lock – the measure by which the state pension is usually increased – was temporarily scrapped, leaving many pensioners dissatisfied.
Pension Credit is often described as a gateway benefit, as it opens low income Britons up to a range of support.
This includes assistance with housing costs and heating, council tax discounts and a free TV licence for over 75s.
The triple lock usually sees pensions rise each year by whichever is the highest out of 2.5 percent, inflation or average earnings.
However, warped earnings data due to COVID-19 this year, caused the Government to put the policy on hold.
A spokesman from Number 10, however, defended the decision given the temporary double lock implemented this year.
He told reporters: “It is always about striking the right balance when it comes to making sure that we reward our public sector workers fairly, whilst also not doing anything that is irresponsible with the public finances more broadly.
“The Chancellor needs to consider this all in the round and I think the view is that we can meet that commitment without stoking inflationary pressures.
“But you know, we did take difficult decisions with regards to the triple lock with a temporary one year suspension.”
