The future State Pension - What do these ‘Lock’ increases really mean?
04 November 2026The State Pension made the headlines in September as our Prime Minister put the hot topic of future pension increases front and centre, suggesting that from April 2030 the plan would be to reduce the current (and valuable) ‘Triple Lock’, to a future ‘Double Lock’. The clear advantage to the government is to save money.
As we all live longer, and more claim the State Pension, now normally from age 67, this is a thorny issue and one that many prior administrations have left alone, at great cost to the state.
But what do these ‘Lock’ increases really mean?
Currently, the ‘Triple Lock’ means that future State Pension increases will be the highest of:
- Inflation, based on the previous September’s Consumer Price Index (CPI)
- The average wage increase from May to July of the previous year
- 2.5%
The future proposal (not guaranteed it will occur) is a ‘Double Lock’ and this would mean increases in line with the higher of inflation, as above, or 2.5%, dropping the link with wage increases.
So, still a good future increase, but perhaps not as generous as in the past.
For reference (2026/2027), the State Pension is currently worth up to £241.30 a week for most, usually paid every four weeks. How much you’ll get depends on your National Insurance record and you will usually need around 35 years of credits or contributions, and as a note, at least 10 years to get anything.
Linking this back to increases under the current Triple Lock system, the State Pension is expected to rise by at least 3.9% from 6 April 2027. This was the average wage increase from May to July 2026 and would take the full weekly amount to around £250.70, up from £241.30. The State Pension is paid gross, but is taxable, as a note, although you normally have a current personal allowance of £12,570 gross pa.
What can you do?
If you are in receipt of the State Pension, the answer is, very little. You can defer it once in payment (perhaps if you returned to work as an example), but you can only do this once. The increase applied over a full year of deferral is 5.8% (currently) for reference. Remember, health may be a factor here in ensuring that you expect normal longevity and will gain future value.
If you are approaching your State Pension age and don’t need the income coming in, then you can hold off making a claim. Again, the increase applied over a full year is 5.8% (currently).
Also, and as noted, the full State Pension is normally accrued after 35 years of saving appropriate National Insurance contributions. But how do you know if you have done enough to achieve this?
You can check in two ways:
- Via your Government Gateway
- Using a paper BR19 State Pension Forecast form by post
Please read any response carefully to ensure that you have accrued the years that you need to so far. If there is a shortfall (and be careful in looking at this) you may be able to arrange to top up if there are gaps, and if appropriate and affordable.
Summary
The State Pension usually offers good value, so checking that you will get the amount you expect is well worthwhile as part of your overall pension / retirement income strategy.
Please speak to the team in Guildford about your plans for retirement and we look forward to helping you with your financial planning.
No individual advice is provided during the course of this blog.
Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.
