Domesday Live

What is the triple lock?

The triple lock is a promise that the state pension goes up each April by whichever is highest of three things: price inflation, average pay growth or 2.5%. Because it always takes the highest, the pension tends to rise faster than prices or pay over time.

Why it happens

• Why it was brought in. It was introduced in 2010 after the state pension had slipped behind both prices and wages for many years. The aim was to stop pensioners falling further behind.
• How it works. Each year the government compares three figures and picks the biggest, so the pension never rises by less than prices, pay or 2.5%.
• Why it costs more over time. The highest figure is picked every year and the gains are never given back, so the pension grows faster than either prices or pay across the long run.
• Why it is argued about. The state pension is the biggest single benefit the government pays. A rising bill has to be paid for by people of working age, through taxes or through cuts elsewhere.