Why the State Pension triple lock matters for retirees

The triple lock increases the State Pension year-on-year to protect pensioners from the effects of inflation.

Learn how the triple lock works, how it benefits retirees, and two additional strategies you might use to mitigate the effect of inflation on your personal pension wealth alongside your State Pension.

The triple lock ensures your State Pension income rises each year

The triple lock came into force to combat pensioner poverty by ensuring that the State Pension rises each tax year in line with one of three measures:

• Average wage growth (between May and July of the previous year)
• The rate of inflation, measured by the previous September’s Consumer Prices Index (CPI)