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End of the Triple Lock?

The pension triple lock was originally brought in to try and redress what was seen as a slippage in the value of the state pension against earnings and inflation. The triple lock calculation is based on the greater of 2.5%, average wages growth in the period from May to July, and September’s CPI inflation figure. So, we currently know that from April 2027 the state pension increase will be at least 3.9% based on wages growth, although we don’t yet know whether the September inflation figure will be higher.

The government has now announced that with effect from April 2030 the triple lock will be tweaked into a double lock plus calculation. The 2.5% minimum and CPI inflation figures remain, but annual wages growth calculations will be smoothed over a number of years before being added into the mix. How this smoothing will take place has yet to be finalised. However, estimates released by the government at the end of September 2026 reveal that the change could result in a saving of £15billion in the year 2039/40.

If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.