What is the triple lock and how much is the state pension worth?

What is the triple lock and how much is the state pension worth? 13 minutes ago Share Save Add as preferred on Google The new state pension is rising by more than £500 a year, as a result of the triple lock arrangement. This guarantees that the state pension goes up each year in line with either inflation, wage increases or 2.5% - whichever is the highest. September's inflation figure of 3.8% is below average earnings for the relevant period (4.8%) which means the rise in wages will decide the state pension increase. What is the state pension and how much will it go up? The state pension is a payment made every four weeks by the government, to people who have reached the qualifying age and have paid enough National Insurance contributions . The triple lock means that from 6 April 2026: the new flat-rate state pension - for those who reached state pension age after April 2016 - is increasing to £241.30 a week, or £12,547.60 a year, a rise of £574.60 the old basic state pension - for those who reached state pension age before April 2016 - is going up to £184.90 a week, or £9,614.80 a year, a rise of £439.40 In general, you need 35 years of qualifying contributions to get a full state pension. Some people may have gaps in their NI record if, for example, they have lived abroad or taken time off to care for children. It is possible to make voluntary payments to boost your contribution history. Since 6 April, you can only make payments for the previous six years. Check your state pension age Check your state pension forecast and whether you can increase it How does the state pension 'triple lock' work? Under the triple lock system, the state pension increases each April in line with whichever of three measures is the highest: inflation in the September of the previous year, using a measure called the Consumer Prices Index the average increase in total wages across the UK for May to July of the previous year or 2.5% The triple lock was introduced by the Conservative-Liber...