what is the triple lock on pensions

The triple lock on state pensions is a safeguard that applies to the UK state pension to ensure it doesnt lose value because of inflation. It was introduced in 2010 and is a commitment to increase state pensions by the highest of average earnings growth, inflation, or 2.5% . This means that the state pension increases each April in line with whichever of these three measures is highest. The triple lock is designed to ensure that the value of the state pension is not overtaken by the increase in the cost of living or the working populations income. The current Conservative government has pledged to keep the triple lock in place until at least 2024, and opposition parties, including Labour, also support the policy. The triple lock is seen as important for ensuring that people have enough to get by in retirement and reducing the amount of private savings needed to top up someone’s retirement income. However, there have been debates about the fairness of the triple lock, with some arguing that it creates intergenerational unfairness, as younger generations are less likely to have the security of generous final-salary pensions.