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Treasury monitoring developments in the UK over triple lock

Any changes to pensions would be announced at Budget time next year

Treasury says it's monitoring events in the UK in relation to the pension triple lock.

The UK Government has intimated that it will honour the mechanism for adjusting retirement pensions next year despite the fact it could mean another rise of more than eight percent.

Here Treasury says planning is currently taking place ahead of next year's Budget and any changes to pensions would be announced in February as part of that process.

Under the triple lock system the state pension increases each April in line with whichever of three key measures is highest.

These are inflation - as measured by the Consumer Prices Index in the September of the previous year - the average increase in wages across the UK, or 2.5 percent.

The triple lock was introduced by UK Chancellor George Osborne during the tenure of the Conservative-Liberal Democrat coalition government in 2010.

It's normal practice for the Isle of Man to follow the UK in such matters.

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