The state pension triple lock is a government commitment to increase the state pension annually by the highest of three measures: average earnings growth, inflation (CPI), or 2.5%. From April 2026, this mechanism is set to raise the full state pension by 4.8%, resulting in an increase of approximately £902 per year, from £11,973 to £12,548. This rise translates to an increase from £230.25 to £241.40 per week for those receiving the full flat rate, and a similar percentage increase for those who retired before April 2016 on a basic state pension.
Introduced in 2011, the triple lock was designed to ensure pensioners receive a substantial annual income increase. The 2.5% floor has ensured increases even when earnings and inflation are low. In April 2022, the government temporarily suspended the earnings element due to pandemic-related wage distortion, using the inflation figure instead, which led to a 3.1% hike. Both the previous and current governments have since adhered to the triple lock.
The triple lock is controversial due to its significant cost to public finances, estimated to add £12 billion annually. Critics argue it disproportionately benefits wealthier individuals who live longer and questions the fairness of substantial pension increases when many workers face below-inflation pay deals. Supporters, however, emphasize that pensioners rely on their state pension for essential expenses like food and energy, especially given the UK's relatively low state pension compared to other developed nations. The political influence of older voters also makes parties hesitant to alter the policy.
While the triple lock is guaranteed for the current parliament, future governments ... download the app to read more
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