A think tank set up by Sir Tony Blair has called for the state pension triple lock to be scrapped and replaced with a new fund. The triple lock is used to decide how much the state pension increases by every year. Each April, the state pension rises based on whichever is highest out of earnings growth in between May to July, inflation in September, or 2.5%. This year, the state pension increased by 4.8% in line with wage growth. The triple lock was introduced by the coalition Government in 2010

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