The triple lock promise, first introduced in 2011, is to raise the State Pension each year by the highest of either inflation, wages or 2.5%.

The state pension triple lock could be axed with state pensioners told there is now “more onus to fund their own retirements.” The triple lock promise, first introduced in 2011, is to raise the State Pension each year by the highest of either inflation, wages or 2.5%.

The Department for Work and Pensions (DWP) Triple Lock guarantees that increases in the State Pension will never lag any of these measures. Ed Monk, an associate director of Fidelity International, notes the dramatic impact, pointing out that the pension was “just £185.15 a week” in the 2022/23 tax year.

The triple lock’s “ratchet-like effect” has created a snowball effect on pension increases, consistently applying the highest available rise, the associate director claims. “The cost of paying a higher State Pension needs to be met by taxpayers,” explains Monk. “Our ageing population means that the cost is likely to rise even more quickly in the future.

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“While projections suggest costs may decrease in coming years, Monk cautions that such predictions remain uncertain, being based on assumptions about future economic conditions. There is even more onus on individuals to fund their own retirement.”

Mr Monk advises: “Ensure you make maximum use of any help on offer to improve your retirement prospects.” In April 2025, the earnings link means the state pension will increase by 4.1%, making it worth £230.25 a week for the full, new flat-rate state pension (for those who reached state pension age after April 2016) – a rise of £472 a year.

And it will be worth £176.45 a week for the full, old basic state pension (for those who reached state pension age before April 2016) – a rise of £363 a year. More than 12 million people currently receive the state pension.

Men and women born between 6 October, 1954 and 5 April, 1960 start receiving their pension at the age of 66.