A former Work and Pensions Secretary has called for a double lock on the State Pension as peers questioned whether the current Triple Lock should continue.
Baroness Therese Coffey, who was Work and Pensions Secretary between 2019 and 2022, said she would “probably prefer some kind of double lock” after suggesting the guaranteed minimum 2.5 per cent annual increase had largely achieved its original purpose.
However, the UK Government has reiterated its commitment to maintaining the State Pension Triple Lock until the end of the current Parliament. Under the Triple Lock, the State Pension increases every April by whichever is highest out of average annual earnings growth, September's Consumer Prices Index (CPI) inflation rate or 2.5 per cent.
Peers question the guarantee
Speaking during a House of Lords debate on Friday, Lady Coffey said: “I think sometimes the triple lock gets blamed for a lot of things.
“To some extent, I would actually probably prefer some kind of double lock.
“The 2.5 per cent probably seemed the right thing at the time in order to achieve the policy outcome of getting pensions as a proportion of earnings up more quickly and it’s achieved that, I think, by and large.”
The Triple Lock was introduced by the Conservative-Liberal Democrat coalition government in 2010 and has resulted in the State Pension rising substantially in recent years.
Lady Coffey's comments came during a debate on the UK's preparedness for an ageing society, when several other peers also questioned the future of the guarantee.
Mixed views in the Lords
Conservative peer Lord Tugendhat said the Triple Lock had been “much needed” when it was introduced but argued it should now be replaced “without further ado”.
Crossbench peer Lord Turnbull, a former Cabinet Secretary and head of the Civil Service, described the current system as “frankly idiotic”.
He said: “We have a chaotic system generating random windfall gains, and they are always gains, according to the movement of earnings prices in particular years.”
Labour former home secretary Lord Reid of Cardowan also said the Triple Lock should be considered more directly, while Conservative former Welsh secretary Lord Redwood defended the policy and argued that ending it would be a “great pity”.
Lord Redwood said the Triple Lock had helped to reduce pensioner poverty.
Labour peer Lord Liddle, who introduced the debate, said it was “obvious” that the Triple Lock needed to be examined as part of the wider debate about the UK's ageing population.
Government commitment and uprating predictions
Despite the debate over its future, there are currently no plans to remove the Triple Lock.
Responding for the UK Government, Treasury minister Lord Pitt-Watson pointed to Labour's manifesto commitment and told peers: “Till the end of this Parliament, the triple lock remains.”
For the current 2026/27 financial year, the full New State Pension is worth £241.30 each week, while the full Basic State Pension is £184.90 per week.
The rate of State Pension payments from April 2027 is expected to be confirmed by Chancellor John Healey at the Autumn Budget next month.
However, the latest data from the Office for National Statistics (ONS) indicates the Triple Lock is currently on track to be determined by the earnings growth element of 4.1 per cent (including bonuses). The CPI for September will be published on October 16 and is currently 2.6 per cent.
An uprating of 4.1 per cent on the current State Pension would see people receive the following next year.
Full New State Pension
- Weekly: £251.20 (from £241.30)
- Four-weekly pay period: £1,004.80 (from £965.20)
- Annual amount: £13,062.40 (from £12,547)
Full Basic State Pension
- Weekly: £192.50 (from £184.90)
- Four-weekly pay period: £770 (from £739.60)
- Annual amount: £10,010 (from £9,614)
It's important to be aware that the actual amount of State Pension someone receives depends on their National Insurance record and individual circumstances.
