In 2023/24 the state pension in the United Kingdom grew by 10.1 percent, based on the CPI inflation rate the previous September. The triple lock system determines how much the state pension grows in the UK based on which of three different measures are highest; the inflation rate, earnings growth, or 2.5 percent.
Annual triple lock pension growth in the United Kingdom from 2011/12 to 2023/24, by uprating factor
Characteristic
Inflation rate
Earnings growth
2.5%
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House of Commons. (November 6, 2023). Annual triple lock pension growth in the United Kingdom from 2011/12 to 2023/24, by uprating factor [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1445915/uk-pension-growth/
House of Commons. "Annual triple lock pension growth in the United Kingdom from 2011/12 to 2023/24, by uprating factor ." Chart. November 6, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1445915/uk-pension-growth/
House of Commons. (2023). Annual triple lock pension growth in the United Kingdom from 2011/12 to 2023/24, by uprating factor . Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1445915/uk-pension-growth/
House of Commons. "Annual Triple Lock Pension Growth in The United Kingdom from 2011/12 to 2023/24, by Uprating Factor ." Statista, Statista Inc., 6 Nov 2023, https://www.statista.com/statistics/1445915/uk-pension-growth/
House of Commons, Annual triple lock pension growth in the United Kingdom from 2011/12 to 2023/24, by uprating factor Statista, https://www.statista.com/statistics/1445915/uk-pension-growth/ (last visited August 24, 2024)
Annual triple lock pension growth in the United Kingdom from 2011/12 to 2023/24, by uprating factor [Graph], House of Commons, November 6, 2023. [Online]. Available: https://www.statista.com/statistics/1445915/uk-pension-growth/