State Pension 2020: How much pensioners are entitled to and when

State Pension 2020: How much pensioners are entitled to and when

The Triple Lock Mechanism, which has sparked debate recently, increases the State Pension sum every year.

Under Triple Lock, the State Pension rises each year to whichever amount is the highest; the rate of inflation, average earnings, or 2.5 percent. 

At the start of the 2020/21 tax year, the State Pension sum rose by 3.9 percent.

This was in line with average earnings across the country, although the COVID-19 crisis has thrown Triple Lock into doubt. 

Published at Sat, 30 May 2020 07:24:00 +0000