What is the Triple Lock?
The triple lock is the guarantee that the UK state pension rises every April by the highest of average earnings growth, inflation, or 2.5% — protecting pensioners' incomes but at a mounting cost.
How the triple lock works
Introduced by the coalition government in 2010, the lock compares three numbers each autumn — earnings growth (May–July), CPI inflation (September) and a floor of 2.5% — and uprates the state pension the following April by the highest. It applies to the basic and new state pensions (2026/27: £230.25 a week full new rate, about £11,973 a year). Earnings growth of 4.8% set the April 2026 rise.
Why it's both popular and expensive
The lock has done its job: pensioner poverty is far below its 1990s levels and the UK state pension has climbed relative to earnings. But a ratchet that always takes the highest of three numbers grows faster than either wages or prices alone — the IFS puts the annual cost of the lock (versus earnings-linking) in the billions and rising, all funded by today's workers' National Insurance. Every serious fiscal review questions its long-term survival; every party promises to keep it.
The collision with the frozen allowance
The triple lock is pushing the state pension up while the £12,570 personal allowance stays frozen: the full new pension is now within £600 of it. Around 2027, on current uprating, pensioners with nothing but a state pension start owing income tax. That's the gap the Conservatives' Triple Lock Plus is designed to close — a pensioner allowance that rises with the lock. See your own position with the state pension tax calculator.
Plain-English guide for general information only — not financial, legal or tax advice. Rates are 2026/27 unless stated. Last reviewed 5 July 2026.
Frequently asked questions
What is the triple lock on pensions?
A guarantee that the state pension rises each April by the highest of earnings growth, CPI inflation or 2.5%. It has applied since 2011 and all major parties currently pledge to keep it.
How much is the state pension in 2026/27?
The full new state pension is £230.25 a week (£11,973 a year); the full basic state pension for those who retired before April 2016 is £176.45 a week. You need 35 qualifying years of NI for the full new rate.
Will the state pension be taxed?
It's already taxable income — it's just below the £12,570 tax-free allowance. With the allowance frozen and the pension rising under the triple lock, the full new pension is set to pass the allowance around 2027, at which point pension-only pensioners start owing tax.