UK Triple Lock State Pension (2026/27)
The triple lock 2026/27: how the highest of CPI, earnings or 2.5% set the £241.30 a week new State Pension, and what could change it.
How the triple lock works
Each April, State Pension rises by the HIGHEST of three measures:
- CPI - Consumer Price Index inflation for the 12 months to September of the previous year.
- Earnings growth - Average Weekly Earnings (Total Pay) for the 3 months to July, on an annual basis.
- 2.5% - the policy floor (set by political commitment, not statute).
DWP announces the uprating in the Autumn Budget / spending review around November. Implementation in April of the following year. The triple lock is a policy commitment, not a permanent statutory rule. The only statutory floor is Section 150A SSAA 1992 which requires the New State Pension to rise at least in line with average earnings; the 2.5% floor and CPI top-up sit above that minimum and depend on the annual uprating order made by the Secretary of State.
Recent upratings + drivers
| Year | Uprating | New SP weekly | Driver |
|---|---|---|---|
| 2026/27 | 4.8% (earnings) | £241.30 | Earnings growth was the highest measure; CPI was 3.8% |
| 2025/26 | 4.1% (earnings) | £230.25 | Earnings growth was highest measure - triple lock honoured |
| 2024/25 | 8.5% (earnings) | £221.20 | Earnings growth was the highest measure |
| 2023/24 | 10.1% (CPI) | £203.85 | CPI peaked at 10.1% Sep 2022; triple lock honoured for inflation rise |
| 2022/23 | 3.1% (CPI) | £185.15 | Earnings suspended for pandemic distortion - "double lock" used |
| 2021/22 | 2.5% (floor) | £179.60 | CPI was 0.5%, earnings -1%; triple lock floor of 2.5% applied |
Long-term outlook + reform debate
- This parliament - Labour's 2024 manifesto committed to keeping the triple lock for the parliament.
- After that - nothing is fixed. The statutory floor is an earnings link (Social Security Administration Act 1992 s.150A); the CPI and 2.5% elements are policy. DWP counted 13.2 million people receiving the State Pension at August 2025, so any change reaches a large group.
- Reform options discussed - a "double lock" (CPI or earnings, no 2.5% floor); an earnings link only; or smoothing earnings over several years to avoid one-year shocks such as 2022.
- State Pension age - the third State Pension age review, launched in July 2025, is the other lever on cost: it could change when people start receiving the pension rather than how much it rises.
Related guides
- UK State Pension Guide - 35-year qualification rule + forecasting.
- Voluntary NI Contributions - filling State Pension gap years.
- UK Pension Drawdown Strategies 2026/27 - private pension to bridge State Pension gap.
- State Pension Calculator - your projected weekly entitlement.
- WASPI Compensation Decision 2026 - the government's 25 June 2026 decision not to compensate 1950s-born women.
Frequently asked questions
What is the Triple Lock?
A commitment that State Pension increases each April by the HIGHEST of: (1) Consumer Price Index (CPI) inflation for the 12 months to September, (2) average earnings growth for the 3 months to July (annual basis), (3) a floor of 2.5%. It began as a 2010 coalition government commitment to raise the basic State Pension by the highest of prices, earnings or 2.5% from April 2011 (for April 2011 alone the price measure was RPI, per DWP in December 2010). The "triple" comes from the three measures used to determine uprating. Each annual decision is announced in the Autumn budget / spending review for implementation the following April.
Why is the triple lock controversial?
Mainly cost. Because the State Pension rises each year by whichever of the three measures is highest, over a run of years it tends to grow faster than either earnings or prices alone (the "ratchet effect"), so its share of public spending rises. Critics argue this favours pensioners over working-age people; supporters argue it protects people who depend on the State Pension for most of their income. The rate is set each year, so the policy can be changed by any government.
Has the triple lock ever been broken?
Once. The Social Security (Up-rating of Benefits) Act 2021 suspended the earnings element for 2022/23 only, because pandemic furlough had distorted the earnings statistics. The State Pension rose 3.1%, in line with CPI for the year to September 2021, so for that year it was in effect a "double lock" of CPI or 2.5%. The full triple lock returned for 2023/24.
What's the difference between the New + Basic State Pension?
New State Pension - for people who reached State Pension age on or after 6 April 2016. The full rate is £241.30 a week (£12,547.60 a year) in 2026/27, which usually needs 35 qualifying years of National Insurance. Basic State Pension - for people who reached State Pension age before 6 April 2016. The full rate is £184.90 a week in 2026/27, and some people also get Additional State Pension (SERPS / S2P). The triple lock applies to the full new State Pension and the basic State Pension. Additional State Pension, and any protected payment on top of the new State Pension, rise with CPI instead: 3.8% in April 2026, per the DWP rates table.
Will the triple lock survive the 2024-2029 parliament?
Labour's 2024 manifesto committed to maintaining the triple lock for the parliament, so it is the stated policy until the next general election. Beyond that nothing is fixed: the only statutory requirement is that the full new State Pension and the basic State Pension rise at least in line with earnings (Social Security Administration Act 1992 s.150A). The CPI and 2.5% elements are policy. Any change affects a large group: DWP counted 13.2 million people receiving the State Pension at August 2025.
How does the triple lock affect my State Pension forecast?
Your forecast is shown in today's money and assumes you keep paying or being credited with National Insurance until State Pension age. Someone with 30 qualifying years (all after April 2016) who stopped now would get 30/35 of the full rate, £206.83 a week at 2026/27 rates; 10 more qualifying years take them to the 35 needed for the full £241.30. Whatever the amount, it is then uprated every April - under the triple lock by the highest of CPI, earnings growth or 2.5%. As an illustration only, 30 years of uprating at 3% a year multiplies the amount by about 2.43, which only keeps pace with prices if inflation also averages 3%. The triple lock protects the real value of the State Pension and can add to it; it is not a wealth-building mechanism.
Should I rely on the State Pension for retirement?
Partially, not solely. The full new State Pension is £241.30 a week, £12,547.60 a year. The Retirement Living Standards published by Pensions UK (formerly the PLSA) put annual spending for one person who owns their home outright at £13,900 (Minimum), £32,700 (Moderate) and £45,400 (Comfortable). The full new State Pension falls £1,352.40 short of even the Minimum, and those figures are spending after tax, so the income needed can be higher. Most people need a workplace or private pension, or other savings, on top.
When does the State Pension age rise next?
It is rising now. People born between 6 April 1960 and 5 March 1961 reach State Pension age at 66 plus 1 to 11 months, so the age moves from 66 to 67 between 2026 and 2028; anyone born from 6 March 1961 to 5 April 1977 reaches it at 67. Under current law the rise to 68 happens between 2044 and 2046, for people born between 6 April 1977 and 5 April 1978, and anyone born on or after 6 April 1978 reaches it at 68 (Pensions Act 1995 Schedule 4, as amended). The Pensions Act 2014 s.27 requires a review at least every 6 years; the third review was launched in July 2025 and could change the later dates. Check your own date at gov.uk/state-pension-age.