Glossary
What is the triple lock?
The triple lock is the guarantee that the UK state pension rises each year by whichever is highest: inflation, average earnings growth, or 2.5%.
How it works
Each April the new state pension is uprated by the largest of the three measures. Over time this tends to raise the pension faster than either prices or earnings alone, which supports pensioners' incomes but adds to long-run public spending.
Why it matters now
The full new state pension is now close to the frozen £12,570 personal allowance, so more pensioners are being drawn into paying tax on it. The Conservatives' 'Triple Lock Plus' would also triple-lock the pensioner tax-free allowance.
Plain-English definition for general information only — not financial, legal or tax advice. Rates are 2025/26 unless stated.