State pensions could increase by 10% next year as the "triple lock" guarantee returns.
The triple lock is a government commitment, over and above the statutory requirement, to uprate the basic and new State Pension by the highest of earnings, prices or 2.5%. Its introduction was announced by the Coalition Government in its first Budget after the 2010 election.
Historically, the triple lock has been driven by either the Consumer Prices Index or the 2.5% minimum threshold. However, it was suspended last year due to the coronavirus pandemic.
