Almost every major political party in Britain now backs the triple lock – the guarantee that your state pension rises each year by at least 2.5 per cent.
Reform UK confirmed it was formally committing to the policy if it wins the next general election after much speculation that Nigel Farage would pledge to scrap or change the mechanism.
It came alongside hints of sweeping welfare cuts and a review of public sector pensions that could affect millions of workers.
Let’s take a look at what’s changed, and what it might mean for your retirement if Reform were to win power.
What Reform has announced
Reform UK leader Nigel Farage confirmed at a press conference on Thursday that his party would keep the state pension triple lock if it wins the next general election.
Setting out his position, he said one of his main considerations was that “a lot of older pensioners who got their pensions before 2016… are really pretty disadvantaged by the current system”.
He was referring to those on the old state pension, which pays out at a much lower rate than the new system – and his desire to ensure they are protected.
The full state pension is worth £241.30, while the older version is worth £184.90 per week.
Both are protected by the triple lock, which ensures a rise each year in line with inflation, average wages or 2.5 per cent – whichever is highest.
Farage added that many of those approaching retirement had already “worked and paid into the system” and so should “reap rewards later in life”.
But the key deciding factor, he said, was that his party would be able to afford to keep the triple lock thanks to their plans for “the biggest cuts to the benefits bill ever seen in the history of this country”, the details of which the party will announce in the next fortnight.
Spelling out the reasoning behind Reform’s stance, the party’s economics spokesman Robert Jenrick said pensioners had “paid in for 30 or 40 years” and deserved protection.
Has Reform changed its triple lock stance?
Farage has previously expressed scepticism about the triple lock, and refused to confirm his party’s position until now.
In February, he had hinted that he would abolish the triple lock by saying that its future was “up for debate”.
He also sidestepped the matter in May 2025, telling a press conference: “Triple lock for pensioners is not something we have addressed as yet. We will, between now and the next election. We are, as you can see, building out our policy platform.”
This is in contrast to Jenrick, who publicly backed the triple lock in February following his defection from the Conservatives to Reform. He said then that it was “incredibly important to provide dignity and security to older people on fixed incomes”.
But the Reform leader insisted on Thursday that his party had not changed its tune, but merely taken time to decide its position.
He told Thursday’s press conference that when he previously said “the jury’s out” on the future of the triple lock, he meant only that a decision had not yet been made – not that he was leaning against it.
“We have discussed it, and we have debated it, and we’ve decided it’s going to stay,” he said.
Where every party now stands
Labour: The Government has promised it will maintain the triple lock for the duration of the current parliament. It has not confirmed what its position will be after the next general election.
Conservatives: The party is committed to keeping the triple lock, but its leader Kemi Badenoch told Sky News in November that while she won’t scrap it “now”, she may have to reconsider depending on the “mess Labour leaves for us”.
Liberal Democrats: Sir Ed Davey has repeatedly stated that his party will continue to support the pensions triple lock under any circumstances. He points to the fact that his party was in Government when it was introduced.
Green Party: In its 2024 election manifesto, the party proposed changing the state pension triple lock to a double lock, ensuring pensions rise by the higher of inflation or earnings
What else Reform announced
Farage signalled that Thursday’s announcement would be accompanied – in the coming fortnight – by major welfare cuts, which he described as “the most radical proposals to cut welfare ever seen in this country”.
He did not give further details, but said the savings involved would cover the cost of the triple lock “many, many times over”.
Jenrick also announced that his party would conduct an internal review into whether public sector defined benefit pension schemes – which guarantee a set income in retirement based on salary and years of service – should remain open to new entrants.
He said such schemes had been phased out in the private sector decades ago and represented “the government’s second largest financial liability”.
What this means for you
If you are approaching retirement or already drawing the state pension, the near-term picture is relatively stable.
And with every major party now backing the triple lock, the likelihood of it being scrapped before the next general election – due by 2029 – or in the next term after that is very low.
That means your state pension should keep rising each year in line with whichever of the three measures is highest.
There had been much speculation over whether Farage would commit to scrapping or altering the triple lock mechanism – and this would have given other political parties cover to do the same.
As The i Paper has reported previously, it is Westminster’s uneasy and unvoiced dilemma. MPs on all sides are increasingly aware that the mechanism is financially unsustainable – but almost no-one wants to say it out loud.
With the cost of the triple lock estimated to hit £15.5bn by 2030, many experts maintain that it will become unaffordable and at some point may have to be abandoned.
If you are in your 50s or early 60s or younger, Farage’s comments on the state pension age are also worth watching.
He suggested there was “a logic” to people working longer before claiming a higher state pension, “provided people are fit… even if many people find it rather unpalatable”. He previously said it was “inevitable” that the state pension age would have to rise.
No specific policy was announced, and Reform is not in government – but the comment signals the direction the debate may take in the coming years regarding the state pension age, regardless of which party wins the next election.
The Government is currently undertaking a review into the age at which someone can withdraw the state pension, which is due to report back later this year.
Hence then, the article about what reform means for your pension and the future of the triple lock was published today ( ) and is available on inews ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( What Reform means for your pension – and the future of the triple lock )
Also on site :