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UK State Pension Triple Lock Drives Benefits Up Faster Than Workers’ Earnings
Summary
Getting older is something few of us want to think about. Yet how we fund our later years, and how much we'll get, has been a hot topic. The triple lock formula - state pensions increasing by the greatest of 2.5%, earnings growth, or inflation - means those benefits have risen far faster than the earnings of workers since its introduction in 2011.
Do British pensioners have it better or worse than those in other countries? This depends on state pension generosity, private savings, housing costs, healthcare access, and inflation. A balanced comparison looks at replacement rates, retirement age, cost of living, and poverty risk across countries.