triple lock state pension

The triple lock state pension prevailing in the United Kingdom. Under this government system, a pensioner’s income after retirement is safeguarded. This system has been crafted in such a way that the pensioner may not suffer following erosion of the value of a currency due to inflation over a period of time. The income of a person who has retired is protected or locked. This locking may be required due to a sudden rise in the price index of consumer products. The prices are variable. They may go up due to inflationary pressures. Here, the triple lock can be of much help to the persons who have retired.