What is the triple lock and how much is the state pension worth?

The new state pension is expected to rise by £488 a year, as a result of the triple lock arrangement.

The triple lock guarantees that the state pension goes up each year in line with either inflation, wage increases or 2.5% - whichever is the highest.

The age at which millions of people can claim their state pension has started to increase from 66 to 67.

The state pension is a payment made every four weeks by the government, to people who have reached the qualifying age and have paid enough National Insurance (NI) contributions.

the new flat-rate state pension - for those who reached state pension age after April 2016 - is £241.30 a week, or £12,547.60 a year

the old basic state pension - for those who reached state pension age before April 2016 - is £184.90 a week, or £9,614.80 a year

Many people on the old basic state pension may also receive the additional state pension , external .

In general, you need 35 years of qualifying contributions to get a full state pension.

Some people may have gaps in their NI record if, for example, they have lived abroad or taken time off to care for children.

It is possible to make voluntary payments to boost your contribution history. Since April 2025, you have only been able to make payments for the previous six years.

Data suggested that the state pension will increase in April 2027 , meaning:

the flat-rate state pension - for those who reached state pension age after April 2016 – will likely be £250.70 a week, or £13,036.40 a year, up £488 on now

the old basic state pension - for those who reached state pension age before April 2016 – will likely be £192.10 a week, or £9,989.20 a year, up £374.40 on now

The government will confirm the rise, possibly in October's Budget.

Check your state pension forecast and whether you can increase it

Under the triple lock system, the state pension increases each April in line with whichever of three measures is the highest:

inflation in the September of the previous year, using a measure called the Consumer Prices Index (CPI)

the average increase in total wages, including bonuses, across the UK for May to July of the previous year

The rise in wages of 3.9% is likely to determine the April 2027 state pension increase.

The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.

It was designed to ensure the value of the state pension wasn't overtaken by the increase in the cost of living or the incomes of working people.

The Labour government has previously said it would keep the triple lock until the end of the current Parliament.

But since that commitment, there has been intense debate over the cost of the triple lock and whether it is justified.

In July 2025, the government's official forecaster said the cost of the triple lock guarantee was set to be three times higher by the end of the decade than was originally anticipated when it began.

The Office for Budget Responsibility (OBR) said the annual cost is set to reach £15.5bn by 2030.

It said the cost of the state pension has risen steadily over the past eight decades, and now equates to £138bn, or around half the total amount the government spent on benefits.

Earlier in July, the influential Institute for Fiscal Studies think-tank suggested that the triple lock should be scrapped as part of a wider pensions overhaul.

The expected increase in April 2027 would take the flat-rate state pension above the personal allowance of £12,570 and so liable to pay about £91 next year in income tax.

The Labour government - when Rachel Reeves was chancellor - pledged that pensioners who rely solely on the state pension would not be required to complete a tax return, nor be chased to pay.

However, Business Secretary Jonathan Reynolds was non-committal, saying that it was a decision for the new chancellor, John Healey, in the Budget.

The majority of pensioners are already income taxpayers owing to the addition of other pension income, on top of the state pension.

More than 12 million people currently receive the state pension.

Men and women born between 6 October 1954 and 5 April1960 start receiving their pension at the age of 66.

But for people born after this date, the state pension age is increasing in two phases:

a gradual rise to 67 for those born on, or after, 5 April 1960

a gradual rise to 68 between 2044 and 2046 for those born on, or after, 5 April 1977

The first affected are those born between 6 April and 5 May 1960, who will have to wait an extra month.

The increase is expected to save the Treasury about £10bn a year by 2030.

But charities have warned that it will disproportionately affect areas of the UK where life expectancy is lower, and those on lower incomes.

A government review is considering whether to delay the second phase, which would currently take the state pension age to 68 between 2044 and 2046.