State Pension pay rule change to be implemented next year after proposals to retain triple lock rejected

dailyrecord.co.uk:

The UK Government was accused of "robbing" millions of pensioners as it rejected proposals from the House of Lords to retain the triple lock on State Pensions instead of implementing a rule change in April.

In September, the UK Government confirmed that the 'triple lock' guarantee rule used to determine State Pension increases for the next financial year would be temporarily suspended following the removal of the earnings growth element.

This effectively created a ‘double lock’ with the annual rise from April based on the greater of either annual inflation or 2.5%.

Under the new double lock arrangement, the State Pension is expected to increase by CPI inflation of 3.1%. However, the House of Lords had demanded a rethink from the UK