The pensions triple lock refers to the set of rules by which the state pension rises each year. Under the lock, the state pension rises by the greater of:

• inflation, as measured by consumer prices index (CPI)
• the average wage increase; or
• 2.5%

This has been the case since 2010, and guarantees that the state pension does not fall in real terms. However, the government has suspended the triple lock mechanism for 2022/23. As employees returned from furlough between May and July this year, they also returned to full pay. This produced an artificial rise in average earnings of approximately 8%. The government feels that this justifies reducing the lock to a double lock, i.e. the state pension will increase by the greater of the CPI inflation percentage, or 2.5% from April 2022. It has pledged that the triple lock mechanism will return for 2023/24. Whilst the move is perhaps understandable in the unique circumstances, some critics say that it is a precursor to abolishing the triple lock altogether.