Triple lock
The government's guarantee that the state pension increases each year by the highest of average earnings growth, CPI inflation, or 2.5%.
The triple lock means the state pension can never fall in real terms and usually grows faster than prices. It was introduced in 2010 and has been a political commitment of every government since, though it was temporarily suspended in 2022 (using a 'double lock' to exclude earnings distorted by COVID furlough).
The triple lock is expensive — it costs the Treasury roughly £3-5 billion per year more than a simpler inflation-only link would. There is ongoing debate about whether it's affordable long-term, particularly as the ratio of retirees to workers increases. For retirement planning purposes, you should not assume the triple lock will exist in its current form in 20+ years.
This calculator provides estimates based on 2025/26 tax rates and is not financial advice. Scottish taxpayers are subject to different income tax rates and bands. The calculations assume your salary is your only source of income and do not account for benefits in kind or other taxable income.
For personalised guidance on your pension contributions, speak to an FCA-regulated financial adviser. You can find one via Unbiased or VouchedFor.