The short version: The triple lock is a promise that the State Pension increases each year by whichever is highest: inflation, average wage growth, or 2.5%. It’s meant to protect pensioners’ income.
How does it work?
Every April, the government looks at the three measures and applies the highest one to the State Pension. In years of high inflation or strong wage growth, pensions go up more. In quiet years, there’s still a minimum 2.5% increase.
Has it ever been suspended?
Yes. During the pandemic, wage growth figures were distorted by the furlough scheme. The government temporarily broke the link to wages to avoid an artificially high increase.
Is it guaranteed forever?
It’s government policy, not law. Future governments could change or scrap it. But it’s politically popular, so changes are controversial.
Does it affect private pensions?
No. The triple lock only applies to the State Pension. Private and workplace pensions have their own rules about increases.
Questions about your State Pension? We can help you understand what you’re entitled to.
