New State Pension ‘Triple Lock Plus’ will not increase monthly payments for nearly half a million older people
The Conservative Party manifesto confirms that a General Election win on July 4 will see the introduction of the ‘Triple Lock Plus’, a new measure that will ensure the Personal Allowance - which has been frozen at £12,570 since April 2021 - rise in-line each year with the Triple Lock. This guarantee would mean that the Personal Allowance is always higher than the maximum rate of the New State Pension, which is now worth £11,502 annually.
