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State pension triple lock
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State pension triple lock

UK rule raising state pension yearly by the highest of inflation, earnings growth or 2.5%.

As of October 2026, the State pension triple lock raises pensions each year by the highest of inflation, average earnings growth or 2.5%.

Last refreshed: 22 October 2026 · Appears in 1 active topic

Timeline for State pension triple lock

#5 19 Oct

Targeted for a three-year suspension in the IEA plan

Is Britain Actually Broke?: IEA plan would suspend triple lock
View full timeline →

Background

The UK applies the State pension triple lock to annual pension uprating. It selects the highest of price inflation, average earnings growth or 2.5%. Because the winning measure can change each year, the rule links pension increases to both living costs and wages while retaining a minimum rise.

Parliament can alter the formula. For the April 2022 increase, legislation replaced the earnings test with prices while retaining the 2.5% floor. The Office for Budget Responsibility has treated the rule as a long-term spending driver because gains above earnings compound over time. In October 2026, the Institute of Economic Affairs proposed suspending it for three years, placing the rule back inside the Budget argument over spending choices. The proposal was a policy pitch, not an official forecast or an enacted change.

Common Questions
What is the state pension triple lock?
The rule that raises the state pension each April by the highest of price inflation, average earnings growth or 2.5%.Source: https://obr.uk/frs/fiscal-risks-and-sustainability-july-2025/
How much does the triple lock cost?
The Office for Budget Responsibility estimated in July 2025 that it will have added £15.5bn a year to state pension spending by 2029-30, compared with uprating by earnings. That is about three times the £5.2bn first expected.Source: https://obr.uk/frs/fiscal-risks-and-sustainability-july-2025/
Has the triple lock ever been suspended?
Once, in part. The Social Security (Up-rating of Benefits) Act 2021 replaced the earnings test with prices for the April 2022 increase, keeping the 2.5% floor.Source: https://www.legislation.gov.uk/ukpga/2021/32/section/1/enacted
Who wants to suspend the triple lock?
The Institute of Economic Affairs, a free-market think tank, proposed suspending it for three years in its Alternative Budget of 19 October 2026.Source: Institute of Economic Affairs
How will the triple lock affect pension spending in the long run?
The OBR's July 2026 report projects state pension spending rising from 5% of GDP to around 9% over its projection period. With uprating by earnings instead, it reaches around 7%.Source: https://obr.uk/frs/fiscal-risks-and-sustainability-july-2026/
Source Material

Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 22 October 2026. Editorial standards.