The triple lock was introduced in 2010. In a nutshell, its purpose is to make sure that the State Pension doesn’t lose value over time. It guarantees that, each year, the State Pension will rise by the highest of three measures:

• Average earnings,
• Inflation, as measured by the Consumer Prices Index (CPI),
• Or 2.5%

So, for example, if average earnings rose by 2% and inflation rose by 3% in a year, then the State Pension would be increased by 3%. Increases to the State Pension are usually announced in the Autumn Budget. The changes then come into force in April of the following year.

Why is the triple lock important?

First it’s important to understand the impact inflation has on your money. Inflation is the rate at which the price of goods and services increases over time. So if the rate of inflation is 1%, that means that prices have risen by around 1% on average. For example, if a packet of pasta cost you £1 a year ago and the inflation rate is 10%, it’ll now cost you £1.10. The government has set an inflation target of around 2% but recently inflation rates have been higher.

The triple lock aims to protect pensioners against the impact of inflation. If the State Pension didn’t change but the price of goods and services continued to increase over time, then you wouldn’t be able to buy as much with it. Meaning you’d be losing money in real terms. 

What does the triple lock mean for me?

If you’re currently receiving the State Pension, then the triple lock helps to protect your income. It guarantees that your income will be fair when compared to those still working. In some cases, it means that your State Pension could even beat inflation. 

Who qualifies for the triple lock pension?

Anyone receiving the State Pension will benefit from the triple lock.

What State Pension changes are expected in the 2026 Autumn Budget?

It’s predicted that, on 26 November, Chancellor Rachel Reeves will announce that the State Pension will rise by 4.7% in April 2026. That’s based on the highest of the three measures this year being average earnings. 

A rise of 4.7% would take the full new State Pension to £12,535 a year (an increase of about £562). 

Those on the new State Pension would go from around £230 to around £241 a week, and those getting the old State Pension would go from around £176 to around £185 a week.

Where can I find out more about the State Pension?

For more information on the State Pension, including where to find out how much you get and when you can get it, you can visit MoneyHelper.

If any changes to the State Pension are announced in the Autumn Budget, we’ll let you know. So keep an eye on your inbox or the MoneyPlus section of our website. 

The information here is based on our understanding in October 2025 and shouldn’t be taken as financial advice.