The triple lock is the UK government's commitment to increase the State Pension each year by whichever is highest of: (1) CPI inflation, (2) average earnings growth, or (3) 2.5%. It has applied since April 2011 (with a one-year double-lock pause during COVID). In 2026/27 the new State Pension is £237.46 per week (~£12,348/year) for those with 35 qualifying years of NI contributions.
How the triple lock has worked since 2011
| Year | Uprated by | State Pension at new rate |
|---|---|---|
| April 2022 | 3.1% (CPI) | £185.15/week (new SP) |
| April 2023 | 10.1% (CPI) | £203.85/week |
| April 2024 | 8.5% (earnings) | £221.20/week |
| April 2025 | 4.1% (earnings) | £230.30/week |
| April 2026 | ~3.1% (CPI, indicative) | ~£237.46/week |
The choice between CPI and earnings was particularly dramatic in 2022-2024 when inflation outpaced earnings and the lock paid out 10.1% — adding ~£17 a week to every pensioner's payment. By contrast, in steady years (2017-2020) earnings growth or the 2.5% floor often won.
Who gets the triple lock
The lock applies to:
- New State Pension (those reaching State Pension age on/after 6 April 2016)
- Basic State Pension (older retirees) — protected at 2.5% minimum, but Additional Pension and Pension Credit have separate uprating rules
- Some related benefits — Pension Credit Standard Minimum Guarantee follows the triple lock
It does not apply to:
- State Earnings-Related Pension Scheme (SERPS) or State Second Pension (S2P) — these uprate by CPI only
- Most working-age benefits (Universal Credit, ESA, JSA) — uprated by CPI
- Private pensions or annuities (depends on the scheme rules)
The fiscal cost — why politicians keep promising to keep it
The triple lock costs HM Treasury ~£8 billion a year more than if pensions had simply uprated by CPI. Over the last decade, the cumulative cost is estimated at £40-50 billion. The State Pension is now the single largest item in UK government spending, ahead of the NHS by some measures.
Every General Election since 2010 has seen all major parties pledge to keep the triple lock. Pensioners are the most reliable voting bloc in UK elections, and any party proposing to remove the lock has historically lost vote share. As of 2026, the Labour government has reconfirmed the commitment for the duration of Parliament.
Why this matters for retirement planning
The triple lock makes the State Pension uniquely valuable as a retirement income building block. Each £1 of State Pension provides effective inflation protection that costs roughly 4-5x more to buy in the private annuity market.
For most UK retirement planning:
- Treat the State Pension as the floor. £12,348/yr at 2026/27 levels, inflation-protected, with longevity protection (continues for life).
- Top up via private pensions / ISAs / Drawdown for additional income.
- Check your NI record at gov.uk/check-state-pension. 35 years of contributions is required for the full new State Pension. Gaps can be filled with voluntary Class 3 contributions (~£956.80 per missing year, paying back in 3-4 years of claiming).
The State Pension forecast calculator projects your eventual entitlement based on your NI record and shows what voluntary top-ups would add.
See your State Pension projection
The State Pension forecast calculator uses your NI record and projected uprating to show your eventual weekly entitlement.
Open the State Pension forecast calculator →Sources and methodology
Triple lock policy from gov.uk/state-pension and Department for Work and Pensions. Historical uprating from DWP Statistics. New State Pension qualifying years from gov.uk/new-state-pension.
UK Tax Drag is not authorised by the Financial Conduct Authority and does not provide regulated financial advice — see the content disclaimer for the full position. The methodology page documents how every calculator is built and reviewed.
Related
- State Pension forecast calculator — project your eventual weekly amount
- Should I top up state pension? — voluntary contribution decision
- What is National Insurance? — the contribution system that builds your record
- Pension calculator — how State Pension fits with workplace + private pensions
- Full UK money glossary
- FAQ library
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