Currently, the basic state pension, for those who hit state pension age before 2016, is worth £9,614.80. It means that even if the triple lock only rises by the statutory minimum 2.5%, it will hand older state pensioners an extra £240.37 per year on their basic state pension payments, if they have a full National Insuranc record, not including any additional uplifts such as Second State Pension.
It was confirmed that the Triple Lock is set to give a £575 increase to new state pensioners from April 2026. That’s because the key average earnings figure was confirmed at 4.8%, which is higher than inflation and of course higher than the 2.5% minimum floor for increases.
Older state pensioners, who hit state pension age before 2016, also got the same 4.8% boost to their basic state pension, but the basic pension is set at a lower weekly amount, so the end result is a lower total increase. Older state pensioners saw their payments increase from £176.45 to approximately £184.90, while new state pensioners will see theirs rise from the current £230.25 to £241.30 per week.
Earlier this month, Andy Burnham has said it is “important” to continue the Labour manifesto commitment to maintain the triple lock on the state pension.
Reddit user Masam10 asked in an online Q and A: “Is it time to abolish the triple lock? Or at least have that discussion?”
The Makerfield MP replied: “I appreciate there’s a lot of debate about this but it is important that the commitment in the manifesto stands.”