What is the state pension triple lock?

Pensioners receive a cash boost each spring through the state pension triple lock mechanism.

In April this year, payments increased for millions by 4.1% while next April they’re set to rise by a bumper 4.8%.

The triple lock was first introduced by the coalition government after the 2010 general election and is designed to protect older people from the rising cost of living.

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It does this by increasing payments once a year in line with inflation, wage growth, or by 2.5% – whichever measure is highest.

While the mechanism is loved by those receiving the state pension, the cost of sustaining it has become ever more contentious.

Critics argue the triple lock is unfair because it leads to older adults experiencing higher standards of living than younger people might expect in the future and that it is unfair to expect younger people to foot the bill.

With an ageing population, it is becoming harder for the government to justify keeping the policy in place.

However, supporters say the policy helps those in later life maintain a decent standard of living and that the state pension is low compared to other well-developed countries.

For example, the UK’s state pension is the least generous in the G7, according to recent analysis by Fidelity International.

How much state pension do I get?

The state pension is a regular payment from the government that most people can claim when they reach state pension age (currently 66 years old). The exact amount you are entitled to depends on your record of National Insurance contributions (NICs).

You can see what your record looks like by using the government’s “check your state pension forecast” tool.

New state pension

Assuming you are a man born after 6 April 1951 or a woman born after 6 April 1953, you should fall under the new state pension. You will usually qualify to receive some money if you have 10 years of NICs, and get the full amount if you have 35 years of NICs.

If you are on the full amount of the new state pension, you will currently receive £230.25 per week (£11,973 a year).

Basic state pension

Men born before 6 April 1951 and women born before 6 April 1953 fall under the old system – the basic state pension. The eligibility rules are slightly different:

• Men born before 1945: You need a minimum of 11 qualifying years to get any state pension, and 44 years for the full amount.
• Men born between 1945 and 1951: You need a minimum of one qualifying year to get any basic state pension, and 30 years for the full amount.
• Women born before 1950: You need a minimum of 10 qualifying years to get any state pension, and 39 years for the full amount.
• Women born between 1950 and 1953: You need a minimum of one qualifying year to get any basic state pension, and 30 years for the full amount.

The full amount of this payment is currently £176.45 a week (£9,175.40 a year).

How much did the state pension increase by in 2024/25 and how much will it rise next year?

The state pension increases each year in April at the start of the new tax year. Thanks to another set of above-inflation wage growth figures, the state pension rose by 4.1% in April 2025.

The full new state pension increased from £221.20 a week (£11,502 a year) to £230.25 (£11,973). The full basic state pension rose from £169.50 a week (£8,814 a year) to £176.45 (£9,175).

The full new state pension is due to rise by 4.8% from next April, based on earnings growth for May to July this year. This will likely be confirmed in the 2025 Autumn Budget on 26 November.

For someone on the full new state pension, that will mean the payment will rise to £12,547 a year.

A pensioner on the basic state pension will see their maximum yearly payment increase from £9,175 a year to £9,615.

How much does the triple lock cost the UK?

Under the current system, the state pension is one of the UK’s biggest outlays. In 2025/26, the government has estimated that it will spend £175 billion on benefits for pensioners, with £146 billion of this being spent directly on the state pension.

As introduced previously, the cost of the triple lock specifically is expected to reach £15.5 billion per year by 2029/30.

“Many retirees rely significantly on the state pension to sustain their standard of living, particularly amid persistently high inflation and interest rates. Yet, while its role in safeguarding older generations is well-meaning, the long-term fiscal implications of the triple lock cannot be ignored,” said Jon Greer, head of retirement policy at wealth management firm Quilter.

He added that, “despite its good intentions, the triple lock lacks a defined benchmark for pension levels and risks placing an unsustainable burden on both taxpayers and future generations”. The 2.5% minimum uplift often faces particular criticism, with some commentators calling it arbitrary.

Many commentators including the Institute for Fiscal Studies (IFS) have suggested replacing the triple lock with an alternative system, such as one based on inflation and average earnings growth. However, the government has promised to safeguard the measure for the duration of this parliament.

Will tax soon be due on the state pension?

With state pension payments creeping up each year, they are getting closer and closer to the top of the personal allowance, which has been frozen at £12,570 since 2021. The personal allowance is set to remain at this level until 2028.

This means pensioners could theoretically have to pay income tax on their state pension in the near future.

Currently, the full new state pension is £11,973 – just £597 shy of the basic rate tax threshold. Steve Cameron, pensions director at financial services company Aegon, thinks it will breach this threshold within two years, the same as the Office for Budget Responsibility (OBR).

“With the triple lock paying a minimum of 2.5%, the full new state pension is certain to be above the personal allowance for the 2027/28 tax year, creating an income tax liability for those even with no other income,” Steve said.

“While the tax due will be very small, this will cause concern to many pensioners and become an admin nightmare for HMRC. It may be that the government will introduce some form of exemption specific to affected state pensioners, although this could be seen as unfair if it didn’t apply to those of working age too.”