State pension triple lock deemed ‘unsustainable’ amid inflation-hiked payment rise | Personal Finance | Finance

What is the triple lock?

For over a decade, older Britons have been promised their state pension payments will rise every year.

Through the triple lock, the rate at which payments are increased are based either by inflation, average earnings or 2.5 percent; whichever is the highest.

This metric was temporarily suspended last year due to average earnings being artificially inflated over the pandemic.

However, Chancellor Jeremy Hunt confirmed last year the pledge on state pensions would be reinstated to support older vulnerable households.