The Prime Minister has announced the end of the annual uprating by the Triple Lock after the next General Election if the Labour Party is returned to power.
There are two State Pensions:
1. The basic State Pension (bSP) - this applies to men born before 06 April 1951 and / or women born before 06 April 1953. In 2026/27, the full bSP £184.90 per week; and
2. The new State Pension (nSP) - this applies to men born on or after 06 April 1951 and / or women born on or after 06 April 1953. In 2026/27, the full nSP is £241.30 a week
Both full rates are dependent on the number of National Insurance Contributions qualifying years and individuals should check their State Pension forecast which requires a Government Gateway or GOV.UK One login. Details can also be found in an individual’s Personal Tax Account or using the HMRC app.
In a Labour Party conference speech on 29 September 2026, Prime Minister Andy Burnham signalled the annual increases will move to a Double Lock mechanism from April 2030, ending the Triple Lock mechanism that has been in place since April 2010. This is a pledge by the Labour Party if they win the next General Election which must take place in 2029.
The Triple Lock
The Triple Lock is a Manifesto commitment that State Pension will increase by the higher of:
- Earnings inflation (as measured by the Office for National Statistics (ONS));
- Price inflation (as measured by September’s Consumer Prices Index (CPI)); or
- 2.5%
The Double Lock
The Double Lock will be a Labour Party Manifesto that State Pension will increase by the higher of:
- Price inflation (as measured by September’s CPI); or
- 2.5%
Therefore, as per the 2024 Manifesto commitment, the Triple Lock will continue to apply for the duration of this Parliament, i.e. increases in April 2027, April 2028 and April 2029.
For Bookkeepers
For individuals, it is important that National Insurance qualifying years are recorded correctly. A qualifying year can be obtained by getting National Insurance credits or paying voluntary National Insurance contributions. However, most commonly, they are obtained by recording the National Insurance Contributions paid whilst in employment against the individual’s own National Insurance Number. Therefore, this affects us as payroll professionals.
It is also important to note the Triple Loack is not a legislative commitment. However, Mr Burnham’s speech also reaffirmed that ‘low-income pensioners won’t be dragged into paying income tax in this Parliament’. This will be a legislative requirement and an administrative one for HMRC.