What is the triple lock?
Every year in April the state pension is to increase, in line with the highest one of the following three things:
Inflation
The average wage increase
Or 2.5%
Despite this increase supposedly happening every year, it was suspended last year due to the Covid-19 pandemic and the rise in average earnings following the furlough scheme. Nevertheless, the government did pledge to maintain the triple lock from April 2023.
"We will maintain the triple lock and I am completely committed to it and so is the chancellor." - Liz Truss
What is the current state pension worth?
For those who reached the state pension age after April 2016, the state pension is £185.15 a week
Whereas, for those who reached state pension age before April 2016 it is £141.85 a week. They may also receive a Pension Credit top-up.