The Blacktower Group obtains Cyprus licence

Concerns that the triple lock system is on its last legs are not new. But while the triple lock’s future has looked tenuous for a while, it has managed to survive the deal between the Conservative Party and the Democratic Union Party.

The Tories had previously planned to get rid of the triple lock – a mechanism to ensure the state pension rises either by the rate of inflation, wage growth, or by 2.5% (whichever is highest) every year – in 2020, replacing it with a double lock (which would remove the 2.5% element). But losing a parliamentary majority has caused the party to make a U-turn (probably because the DUP were strong supporters of the system staying put), and there was no mention of the triple-lock’s abolition in the Queen’s Speech.

Generally speaking, saving money and planning for your future are two key aspects of financial planning. So, getting this right as early as possible should be one of your main priorities, to ensure that there are no nasty surprises down the line. There are a multitude of reasons that you might choose to put money aside, such as for a “rainy day fund”, a house purchase, your children’s education or making sure that you can retire comfortably.

Whatever your objective is, you can save by either putting money aside each month, or, if you have already managed to save money in the bank, look to gain a better rate of interest for a greater return. This could be a particularly advantageous avenue when you consider that in fact, once you take inflation into account, most money on a bank deposit will effectively be losing its value each month.