In practice, this means pensions are protected from being eroded by rising prices or wages, with at least a 2.5% boost annually. For example, with 2025’s CPI at 3.8% and wage growth at 4.8%, the full new State Pension is set to rise by 4.8% in April 2026, from £230.25 to £241.30 per week.
The “triple lock” was introduced by the coalition government in 2011 to ensure pensioners’ incomes did not lag behind younger workers’ earnings. In other words, it guarantees pensioners get at least a 2.5% raise each year, but possibly more if inflation or wage growth is higher.
Each April, pensions rise by whichever is highest; CPI inflation, average wages growth or 2.5%. This helped lift the full new State Pension above £241/week in 2026 to 2027 and means by 2027 the annual pension for a full new pensioner will exceed £12,500. In plain terms, if prices go up or wages go up faster than 2.5%, pensioners get the bigger rise.
The full new State Pension (for anyone reaching State Pension Age after April 2016) is about £230-£241 per week over 2024 to 2026. You need roughly 35 years of National Insurance contributions to claim the full £230.25 a week (2024 to 2025). In annual terms that’s around £11,973 a year currently, rising to around £12,500 by 2026. Not everyone gets the full amount, less National Insurance history means less pay.
You can check your State Pension age and projected amount on official government calculators. For example, State Pension age is currently 66 and will rise to 67 between 2026 and 2028. The key point: triple lock means a minimum 2.5% uplift every April, which has kept pensions growing faster than prices for most of the last decade.
Politicians and analysts are now debating the future of the triple lock. On one hand, it protects retirees from inflation and was a high-profile election promise to keep. On the other, the cost to taxpayers is soaring as longevity and inflation rise.
Experts note that since 2011 the triple lock has pushed up state pension spending dramatically. The full new State Pension (around £241 per week) is already about 14% higher than it would be under a simple earnings index, costing the Treasury roughly £12 billion extra per year by 2025. The Office for Budget Responsibility now projects triple lock costs will be three times more expensive than earlier forecasts by 2030.
Critics also argue the triple lock favours higher earners (who tend to have longer life expectancy), and makes budgeting harder for government. The full new State Pension will soon exceed the £12,570 personal tax allowance, meaning many pensioners may start paying income tax on their state pension. In fact, a 4% increase would push the annual pension (£12,452) just below the threshold in 2026 to 2027, making it all but certain to surpass it by 2027 to 2028.
This creates a political conundrum: both major parties have promised to keep the lock until at least 2025, but rising costs and tax implications are likely to force future changes.
Several changes have been floated:
(1) Raise the pension age sooner. The government has already set a path: SPA is 66 now, 67 by 2026 to 2028 and 68 by mid-2040s. Some experts warn it could eventually reach 70 for younger generations. Raising the State Pension Age delays payments and saves money, but also risks hardship for manual workers.
(2) Tweak the triple lock. Options include scrapping the 2.5% minimum or dropping the earnings link entirely. Another proposal suggests switching to a smoothed earnings link that aligns pension growth to average wages over a longer period, making it more predictable for government.
(3) Freeze or slow pension increases. This is deeply unpopular but sometimes discussed as a short-term spending cut. Instead of a full freeze, experts suggest boosting support like Pension Credit to help lower-income pensioners specifically.
(4) Encourage uptake of Pension Credit. This benefit for low-income retirees is underclaimed. Increasing take-up could improve support without raising everyone’s pension.
No official policy change has been announced yet. Ministers say the triple lock remains in place through this Parliament, but by 2026 it may be re-evaluated.
The State Pension Age has risen steadily. It was once 60 for women and 65 for men. Today it is 66 for all, rising to 67 between 2026 and 2028 and to 68 between 2044 and 2046. The government may bring the 68 threshold forward.
For now, expect to retire at age 66 or 67 if you are close to retirement. Younger people may face retirement ages of 68 or even 70.
You can delay claiming your pension to receive a higher weekly payment later. Deferring increases the payment by about 5.8% for each year of delay.
The UK pension system is changing. Automatic enrolment has helped get people into workplace pensions, but for many, the State Pension is still the foundation.
Whether or not the triple lock remains, here’s how to stay ahead:
The triple lock may stay, be reformed or removed. The State Pension age may rise further. The only constant is the need for a personalised retirement plan.
At Zomi Wealth, our FCA-regulated financial advisers can help you:
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