The triple lock is a commitment by the UK government to increase state pensions by whichever is highest of average earnings growth, inflation, or 2.5%. It was introduced in 2010 as a guarantee that the state pension would not lose value in real terms and that it would rise at least in line with inflation. The triple lock applies to both the basic state pension (pre-April 2016) and the new state pension (post-April 2016) to ensure that they keep pace with the cost of living.

The triple lock system ensures that the state pension increases each April in line with whichever of these three measures is highest: inflation, as measured by the Consumer Prices Index in the September of the previous year, the average increase in wages across the UK, or 2.5%. If inflation is below 2.5%, the pension increases will beat inflation, improving the spending power of pensioners.

The triple lock is important for pensioners as it helps ensure that the state pension increases over time, preserving its value and reducing the amount of private savings needed to top up someone’s retirement income. It also ensures that the spending power of pensioners does not diminish over the course of their retirement. However, arguments against the triple lock have pointed to intergenerational unfairness, as younger generations may feel more impact when the time comes.

The current Conservative government has pledged to keep the triple lock in place until at least 2024, and opposition parties, including Labour, also support the policy. However, the government retains some discretion over the triple lock and can modify it or remove it completely.