Good News for Pension Savers - For Now

Autumn Statement: Pensions remain triple-locked, a new savings bond will offer 2.2% interest and the Government will crack down on cold-calling

Emma Simon 23 November, 2016 | 3:00PM
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Philip Hammond’s first and last Autumn Statement provided scant offerings for the nation’s savers and investors. Pensioners had the most to celebrate. The Chancellor announced that the ‘triple lock’ on the State Pension would remain in place until 2020 – although dropped strong hints it would disappear after this date.

For now, the State Pension will increase each year by whichever is higher: inflation as measured by CPI, average earnings, or 2.5%.

This should help protect pensioners if inflation does – as expected – increase sharply over the next few years.

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About Author

Emma Simon

Emma Simon  is a financial journalist, specialising in investment and consumer issues, writing for Morningstar.co.uk

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