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Thu, 02 Apr 2026

Thu, 02 Apr 2026 What is the triple lock and how much is the state pension worth?

The triple lock guarantees that the state pension is not overtaken by inflation or wage increases.

* The state pension will rise by over £500 in April 2026 due to the triple lock arrangement.
* This means that the state pension will increase in line with either inflation, wage increases or 2.5% - whichever is highest.
* As September's inflation figure was below average earnings for the relevant period, the rise in wages will decide the state pension increase.
* The new state pension payment will be made every four weeks to people who have reached the qualifying age and paid enough National Insurance contributions.
* Under the triple lock system, the state pension increases each April with the highest of three measures: inflation, wage increases or 2.5%.
* The cost of the triple lock guarantee is set to reach £15.5bn by 2030, according to the Office for Budget Responsibility (OBR).
* More than 12 million people currently receive the state pension.
* 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 is increasing by 4.8% in April 2026 and anyone who qualifies for it may also be entitled to other financial support.
* The winter fuel payment will now go to around nine million pensioners in England and Wales with an annual income of £35,000 or less.