What is the triple lock and why are people talking about it?

The prime minister has announced plans to scrap the existing triple lock arrangement for the state pension in order to help fund a new plan for social care.

The triple lock currently guarantees that the state pension goes up each year in line with either inflation, wage increases, or 2.5% – whichever is the highest.

Andy Burnham said he would honour the pledge given in Labour's 2024 manifesto to keep the triple lock unchanged in the current Parliament.

However, the PM said that from April 2030 the arrangement will change, with the state pension rising every year at least by inflation or 2.5%.

The link to rises in yearly average earnings, which is the factor currently setting the rise under the triple lock, will be gone on an annual basis and instead be reflected over time.

The state pension is a payment made every four weeks by the government, to people who have reached the qualifying age and have paid enough National Insurance (NI) contributions.

Since 6 April 2026:

• the new flat-rate state pension for those who reached state pension age after April 2016 is £241.30 a week, or £12,547.60 a year
• the old basic state pension for those who reached state pension age before April 2016 is £184.90 a week, or £9,614.80 a year

Many people on the old basic state pension may also receive the additional state pension.

In general, you need 35 years of qualifying contributions to get a full state pension.

Some people may have gaps in their NI record if, for example, they have lived abroad or taken time off to care for children.

It is possible to make voluntary payments to boost your contribution history. Since April 2025, you have only been able to make payments for the previous six years.

Data suggested that the state pension will increase in April 2027, meaning:

• the flat-rate state pension for those who reached state pension age after April 2016 will likely be £250.70 a week, or £13,036.40 a year, up £488 on now
• the old basic state pension for those who reached state pension age before April 2016 will likely be £192.10 a week, or £9,989.20 a year, up £374.40 on now

The government will confirm the rise, possibly in October's Budget.

Under the triple lock system, the state pension increases each April in line with whichever of three measures is the highest:

• inflation in the September of the previous year, using a measure called the Consumer Prices Index (CPI)
• the average increase in total wages, including bonuses, across the UK for May to July of the previous year
• or 2.5%

The rise in wages of 3.9% is likely to determine the April 2027 state pension increase.

The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.

It was designed to ensure the value of the state pension wasn't overtaken by the increase in the cost of living or the incomes of working people.

The Labour government has previously said it would keep the triple lock until the end of the current Parliament.

But since that commitment, there has been intense debate over the cost of the triple lock and whether it is justified.

In July 2025, the government's official forecaster said the cost of the triple lock guarantee was set to be three times higher by the end of the decade than was originally anticipated when it began.

The Office for Budget Responsibility (OBR) said the annual cost is set to reach £15.5bn by 2030.

It said the cost of the state pension has risen steadily over the past eight decades, and now equates to £138bn, or around half the total amount the government spent on benefits.

In July, the influential Institute for Fiscal Studies (IFS) think-tank suggested that the triple lock should be scrapped as part of a wider pensions overhaul.

At his speech to the Labour Party conference, Burnham announced a plan to end the existing triple lock from 2030, which would see the annual link to earnings growth removed.

"The state pension will continue to rise every year at least by prices or 2.5%," he said.

"And it will hold its value relative to earnings over time so that pensioners will always share in the rising prosperity of the nation.

"But this change will generate significant savings which we will use to build up our national care service."

The IFS called the proposed change a "great improvement", saying Burnham had "neutered the worst element of the triple lock".

"State pensions will still rise, but more sustainably," said Jonathan Cribb, deputy director at the IFS.

However, he warned that "we should not expect this reform to save enough that it could fund universal social care in the next parliament".

The expected increase in April 2027 would take the flat-rate state pension above the personal allowance of £12,570 and so liable to pay about £91 next year in income tax.

The Labour government – when Rachel Reeves was chancellor – pledged that pensioners who rely solely on the state pension would not be required to complete a tax return, nor be chased to pay.

In his speech to the Labour Party conference, Burnham reiterated that low-income pensioners would not have to pay income tax in this Parliament.

The majority of pensioners are already income taxpayers owing to the addition of other pension income, on top of the state pension.

Almost 13 million people currently receive the state pension.

Men and women born between 6 October 1954 and 5 April1960 start receiving their pension at the age of 66.

But for people born after this date, the state pension age is increasing in two phases:

• a gradual rise to 67 for those born on, or after, 5 April 1960
• a gradual rise to 68 between 2044 and 2046 for those born on, or after, 5 April 1977

The rise from 66 to 67 began in April 2026.

The first affected are those born between 6 April and 5 May 1960, who will have to wait an extra month.

The increase is expected to save the Treasury about £10bn a year by 2030.

But charities have warned that it will disproportionately affect areas of the UK where life expectancy is lower, and those on lower incomes.

A government review is considering whether to delay the second phase, which would currently take the state pension age to 68 between 2044 and 2046.

Depending on their overall income, those above retirement age may also be entitled to pension credit in addition to the basic state pension.

Pension credit increased by 4.8% in April 2026.

If your income is above the stated limits, you may still be eligible for pension credit if you have a disability or care for someone.

Anyone who qualifies for pension credit may also be entitled to other financial support, including housing benefit, a reduction in council tax, help with heating costs and the warm home discount scheme.