What is the triple lock pension? Everything you need to know

Jump to contentAllNewsSportCultureLifestyleFirst introduced in 2010 by the Conservative-Liberal Democrat coalition government, the triple lock guarantees that the state pension goes up annually in line with either inflation, wage increases or 2.5 per cent – whichever is the highest.However, the triple lock has come under scrutiny in recent months, with some concerned that it is too expensive.Speaking in the House of Lords on Friday, Baroness Therese Coffey, the work and pensions secretary from 2019 to 2022, said: “I think sometimes the triple lock gets blamed for a lot of things. To some extent, I would actually probably prefer some kind of double lock.”Lady Coffey’s comments came as part of a debate on a committee report on the UK’s preparedness for an ageing society, with peers from across the chamber calling for the end of the lock.Responding to the debate, Treasury minister Lord Pitt-Watson said the triple lock was part of Labour’s manifesto promises and “till the end of this Parliament, the triple lock remains”.More bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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