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UK plans to scrap state pension triple lock from April 2030

The triple lock currently ties annual state pension increases to inflation, wage growth, or 2.5%, whichever is higher.

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BBC Business reports that the UK prime minister has announced plans to scrap the current triple lock arrangement for the state pension to help fund a new social care plan.

The existing triple lock guarantees that the state pension rises each year in line with either inflation, wage increases, or 2.5% whichever is highest, but the change would start from April 2030.

Under the new approach, the state pension would rise every year by at least inflation or 2.5%, and the link to yearly average earnings used to set increases under the triple lock would be removed on an annual basis and reflected over time.

The report also notes the state pension is paid every four weeks by the government to people reaching the qualifying age who have paid enough National Insurance contributions.

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