In 2010, the triple lock was introduced. Its purpose is to ensure that the value of the State Pension does not deteriorate over time. The triple lock is intended to protect pensioners from the effects of inflation. If the State Pension did not change but the cost of goods and services continued to rise, you would be unable to buy as much with it. In other words, you’d be losing money in real terms.

Please visit back tomorrow to learn more or alternatively, contact Woodward Markwell for further information and see how we can help you weather the current economic climate.