Prime Minister to protect the triple lock
David Cameron has said that he will keep the 'triple lock', which increases the state pension each year by the higher of inflation, the increase in average earnings or 2.5%.
Mr Cameron says that he intends to maintain the triple lock until at least 2020, if the Conservatives win the next election.
The coalition government began the triple lock in 2010. From April 2014, the basic state pension will be around £440 a year higher than it would have been if it had been increased in line with the increase in average earnings. In April 2013, the state pension increased by 2.5%, as this was higher than inflation or earnings, giving an extra £2.70 a week and raising the full basic state pension to £110.15 a week.
The chancellor's autumn statement announced that from April 2014 the basic state pension should rise to £113.10 a week - an increase of 2.7% in line with the increase in the consumers' price index.
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