Summary
The triple lock is a system used in the UK to determine how much the state pension rises each year by selecting the highest of three factors: inflation, wage increases, or 2.5%. The cost of maintaining this system is expected to be three times higher by the end of the decade than initially estimated. The state pension has increased over the years and more than 12 million people currently receive it.
Key Facts
- The triple lock ensures the state pension rises each year based on inflation, wage increases, or a set 2.5%, whichever is highest.
- In April 2025, the state pension increased by 4.1%.
- For people who reached pension age after April 2016, the full pension is £230.25 per week.
- For those who reached pension age before April 2016, the full basic pension is £176.45 per week.
- You generally need 35 years of National Insurance contributions to get a full state pension.
- As of July 2025, more than 12 million people receive the state pension.
- The Office for Budget Responsibility estimates the triple lock will cost £15.5 billion annually by 2030.
- The state pension age is currently 66 and is rising to 67, then 68, in the coming decades.
