I firmly believe people who have worked hard all their lives deserve security in their retirement. The triple lock means the basic State pension rises by inflation, earnings or 2.5 per cent, whichever is highest. This means that in 2017-18 the state pension is more than £1,200 a year higher than in 2010. The triple lock will remain in place for the duration of this Parliament.
For those reaching State Pension age after April 2016 a new State Pension has been introduced at a single, flat rate of £159.55 per week, which has also been triple locked. All those women affected by the 2011 State Pension age changes will draw their State Pension under the new system, which is much fairer to women than the previous system and will mean 650,000 women will receive an average of £8 per week more in the first 10 years.
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|Changes to the State Pension age.pdf||350.23 KB|