May 18, 2017 / 11:07 AM / 2 months ago

May pledges to switch from triple to double lock for pensions in 2020

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Britain's Prime Minister Theresa May's launches her election manifesto in Halifax, May 18, 2017.Phil Noble

HALIFAX, England (Reuters) - Prime Minister Theresa May said on Thursday that when the current triple lock system governing the rates of state pensions expires in 2020, a new double lock system will be introduced instead.

In a list of policy pledges ahead of a June 8 election, May said the double lock would mean pensions would rise in line with earnings or inflation, whichever was highest.

Reporting by Elizabeth Piper, Kylie MacLellan and William James, writing by Estelle Shirbon; Editing by Alistair Smout

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