Triple lock alternatives: will the government reform the state pension?

It is loved by pensioners but expensive for the taxpayer. We look at some triple lock alternatives.

Digital image of multicoloured padlocks, with three large red padlocks in the foreground.
(Image credit: Olemedia via Getty Images)

The UK's ageing population continues to put pressure on the state pension and as people live longer, the cost of the controversial triple lock is only set to rise.

The triple lock, which uprates state pension payments each year by the highest of either inflation, wage growth, or 2.5%, is safe for now but as the tax burden continues to grow, there are calls for reform.

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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.

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