Personal Pensions

State Pension to go up from April 2021

State Pension to go up from April 2021

Iain Leggat writes in The Scotsman (27.11.2020):

“Retired people are set for a 2.5 per cent rise in income next April, which will see people get up to £230 extra a year in their state pension.

The rise comes thanks to a triple lock system which means pensions will increase every year in line with inflation, earnings, or 2.5 per cent, depending on whichever is highest, the government has confirmed.

The biggest forecast rise is due to happen in 2022, with retirees set to receive a 4.1 per cent increase, at a time when unemployment is expected to be high.

The is the fourth time the 2.5 per cent triple lock has happened since the policy was first introduced in 2011.

The original article can be found in full here

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