What is the ‘triple lock’ for state pensions?

The state pension is on track to rise by around 4% from April 2025 following growth in wages, courtesy of a system known as the triple lock.

Chancellor Rachel Reeves confirmed the changes earlier this month, and said she would announce the the exact level of the state pension at the Autumn Budget on October 30, The i reports.

This increase will compensate for the changes made to winter fuel payments, which will no longer be given to all pensioners and instead will be means tested.

The state pension increases each year thanks to the triple lock, but what exactly is it? Here’s everything you need to know.

What is the triple lock pension?

The triple lock is a commitment that state pensions would rise each year by whichever was the largest of three figures: annual inflation, average earnings rises, or by 2.5%.

With this in mind, pension recipients can expect a rise of around 4% in April 2025, due to an increase in wages.

What will happen to the triple lock?

Chancellor Rachel Reeves confirmed her commitment to the triple lock earlier this month.

She said: ‘I will announce the increase in next year’s state pension at the Budget, but it’s likely to be in the region of £450 more next year.

‘So you can see, because of the commitment to the triple lock, the state pension will go up by more than winter fuel every year, I think it’s set to go up by £1,700 during the course of this Parliament.’

What has previously happened to the triple lock?

In November 2023, former Chancellor Jeremy Hunt announced that the state pension would increase by 8.5% from April 2024 to £221.20 a week, confirming that the government was honouring the triple lock in full.

What is the current state pension worth?

Currently, the state pension is £221.20 a week (£11,502 a year) for those who reached state pension age after April 2016, and £169.50 a week (£8,814 a year) for those who reached state pension age before April 2016.

Following the increase in wages, in April 2025 the state pension is expected to increase to £230.30 per week (£11,975) for those who reached state pension age after April 2016.

For those who reached state pension age before April 2016, the basic state pension should rise to £176.45 (£9,175).

However, this will not be confirmed until the Autumn Budget, which takes place on October 30.

The final figures will be decided by Liz Kendall, who is work and pensions secretary.

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