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Triple Lock Boosts Pensions But Costs Rise | Sheffield News
Description
UK pensioners are reaping a £335 annual boost thanks to the Triple Lock—still intact under the current Prime Minister. While this policy keeps pensions ahead of inflation and wage growth, it’s costing taxpayers more as pensioners inch closer to the frozen tax-free personal allowance. Experts say UK retirees benefit from strong private pension uptake and homeownership, offsetting lower state pension levels compared to Europe. But with rising costs, ministers face a tough choice: raise the personal allowance (expensive) or risk dismantling the beloved Triple Lock.
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