What is the triple lock plus – and what could it mean for pensions?

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Paul Johnson, director of the respected Institute for Fiscal Studies, has said that the ‘triple lock plus’ is largely a reversal of current Conservative policy, rather than a new offering from Mr Sunak. The alternative is Labour dragging everyone in receipt of the full state pension into income tax for the first time in history.” What is the state pension triple lock? In 2023, the state pension increased by 10.1 per cent, in line with September’s record inflation figure. The triple lock was introduced to ensure that the state pension would not be outstripped by rising prices, nor by the average spending power of those in work.