what is triple lock

The triple lock is a safeguard that applies to the UK state pension to ensure it doesnt lose value because of inflation. It was introduced in 2010 by the Conservative-Liberal Democrat coalition government to ensure that the state pension remains financially viable for pensioners. The triple lock system guarantees that the state pension increases each April in line with whichever of these three measures is highest: inflation, as measured by the Consumer Prices Index in the September of the previous year, the average increase in wages across the UK, or 2.5% . If neither average earnings nor inflation rises by over 2.5%, the state pension will still grow by this amount. The triple lock ensures that pensioners income is steady and in line with the rising cost of living. If you are currently receiving the state pension, the triple lock ensures that your spending power will not diminish over the course of your retirement (for as long as all three guarantees remain in place) .