“This very thorough analysis from the PPI shows just how important the triple lock will be in reducing pensioner poverty in the future, enabling low income workers to save enough for a decent retirement income whilst helping to protect the income of those already retired."
“Many people are surprised to learn that the average state pension is only just over £7,000 per year – less than half the annual salary of a full time working adult on the minimum wage of £7.50 an hour. Yet millions of older people are heavily reliant on this relatively modest sum, a situation that is set to continue for the foreseeable future."
“Considering the UK’s high poverty levels, the triple lock looks to be an increasingly important mechanism to provide a degree of financial security for current and future generations of older people.”