How the pensions triple lock is calculated each year
Annual percentage change in consumer price index (CPI), nominal pay growth and the state pension
Pension rise is based on which ever is higher: minimum increase of 2.5%; inflation rate (CPI) from previous September; or pay growth from previous May to July
15%
10
5
2.5% minimum
CPI
0
Nominal total pay growth
-5
2018
2019
2020
2021
2022
2023
2024
2025
Pension rise is based on which
ever is higher: minimum increase
of 2.5%; inflation rate (CPI) from previous September; or pay growth from previous Mat to July
15%
10
5
2.5% minimum
CPI
0
Nominal total pay growth
-5
2018
2019
2020
2021
2022
2023
2024
2025
15%
Pension rise is based on which ever is higher: minimum increase of 2.5%; inflation rate (CPI) from previous September; or pay growth from previous May to July
State pension rose by 4.1% due to average wage increase
10
5
2.5% minimum
CPI
0
Nominal total pay growth
-5
2018
2019
2020
2021
2022
2023
2024
2025
15%
State pension rose by 4.1% due to average wage increase
Pension rise is based on which ever is higher: minimum increase of 2.5%; inflation rate (CPI) from previous September; or pay growth from previous May to July
CPI
10
5
2.5% minimum
0
Nominal total pay growth
-5
2018
2019
2020
2021
2022
2023
2024
2025
15%
Pension rise is based on which ever is higher: minimum increase of 2.5%; inflation rate (CPI) from previous September; or pay growth from previous May to July
10
5
2.5% minimum
CPI
0
Nominal total pay growth
-5
2018
2019
2020
2021
2022
2023
2024
2025
15%
Pension rise is based on which
ever is higher: minimum increase of 2.5%; inflation rate (CPI) from previous September; or pay growth from previous May to July
10
5
2.5% minimum
CPI
0
Nominal total pay growth
-5
2018
2019
2020
2021
2022
2023
2024
2025
15%
Pension rise is based on which ever is higher: minimum increase of 2.5%; inflation rate (CPI) from previous September; or pay growth from previous May to July
State pension rose by 4.1% due to average wage increase
10
5
2.5% minimum
CPI
0
Nominal total pay growth
-5
2018
2019
2020
2021
2022
2023
2024
2025
15%
State pension rose by 4.1% due to average wage increase
Pension rise is based on which ever is higher: minimum increase of 2.5%; inflation rate (CPI) from previous September; or pay growth from previous May to July
CPI
10
5
2.5% minimum
0
Nominal total pay growth
-5
2018
2019
2020
2021
2022
2023
2024
2025