What is the state pension triple lock and what is it worth?

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The State Pension is likely to go up by more than inflation in April 2025, according to internal calculations seen by the BBC.

Under an arrangement called the "triple lock", the state pension goes up each year by either 2.5%, inflation or average earnings - whichever is the highest figure.

The BBC understands the April 2025 uplift will again be linked to average earnings, an increase expected to be worth at least £300 or £400 depending on which state pension people receive.

What is the state pension and how much is it worth?

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.

In April 2024, the link to earnings meant the state pension went up by 8.5%, making it worth:

£221.20 a week for the full, new flat-rate state pension, external (for those who reached state pension age after April 2016)

£169.50 a week for the full, old basic state pension, external (for those who reached state pension age before April 2016)

If the state pension again goes up by average earnings in April 2025, the BBC understands that it be worth about £12,000 for those on the full new pension, and £9,000 for those who get the full old state pension.

State pension to be boosted by over £400 next year

What is the state pension 'triple lock' and how does it work?

Under the triple lock system, the state pension increases each April in line with whichever of these three measures is highest:

inflation, as measured by the Consumer Prices Index (CPI) in the September of the previous year

the average increase in wages across the UK

or 2.5%

The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.

It was designed to ensure the value of the state pension was not overtaken by the increase in the cost of living or the working population's income.

Chancellor Rachel Reeves has reiterated the government's backing for the triple lock until the end of the current Parliament.

The big questions on the future of the triple lock

The fight over women's state pensions

What is the state pension age and how is it changing?

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.

But for people born after this date, the state pension age is increasing:

a gradual rise to 67 for those born on or after 5 April, 1960

a gradual rise to 68 between 2044 and 2046 for those born on or after 5 April, 1977

There was speculation in the run-up to the 2023 Budget that the second increase would be brought forward, potentially to the late 2030s.

However, in March 2023, the previous Conservative government said it had no plans to change the timetable and indicated a decision was expected in 2026.

In February 2024, the International Longevity Centre UK think tank published a report suggesting that the state pension age may need to increase more quickly than the current schedule.

The organisation tracks the impact of growing life expectancy and falling birth rates.

It argues that the UK and other countries with ageing populations will have to increase their state pension age to 71 by 2050,, external to keep the cost sustainable.

The state pension cost £110.5bn, external in 2022-2023, just under half the total amount the government spends on benefits.

The Office for Budget Responsibility thinks this will grow to £124bn for 2023-2024.

Check your state pension age, external

Check your state pension forecast, external

What is pension credit and who is eligible?

Depending on your overall income, those above retirement age may also be entitled to Pension Credit, external in addition to the basic state pension.

Pension Credit tops up your weekly income to:

£218.15 if you are single

£332.95 if you have a partner

If your income is already above those limits, you might still be eligible if you have a disability or care for someone.

Anyone who qualifies for Pension Credit may also be entitled to other financial support, including housing benefit, a reduction in council tax, or help with heating costs through the Warm Home Discount Scheme.

Check if you can get pension credit, external

Pension Credit campaign expands across capital

How much is the winter fuel payment and how are the rules changing?

Previously everyone in England and Wales born before 25 September 1957 was entitled to the annual winter fuel payment,, external worth between £100 and £300.

However the chancellor has said that from autumn 2024, those who are not on pension credit or other means-tested benefits will no longer get the payment.

About 10 million people will be affected.

Winter fuel payments had to be scrapped, minister insists

Pensioners are 'two bill increases from crisis'

Pensioners urged to claim as winter fuel support cut