The triple lock

Uncertainty for pensions incomes and the public finances

The IFS and abrdn Financial Fairness Trust

September 2023

The triple lock has by now raised state pension spending by around £11 billion a year compared to what spending would be if the pension had risen in line with either prices or earnings since 2010.

In this report, The IFS first discusses how the triple lock has led to an increased level of the state pension, thereby increasing state financial support to pensioners at an increased cost to the government, over the last 13 years. Researchers then present new analysis showing how the nature of the policy creates uncertainty around the level of the state pension for both current and future generations of pensioners.

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