News updates

27 June 2017

Hot topic

State Pension triple lock to remain

As part of the Conservative Party’s deal with the Democratic Unionist Party, the triple lock on State Pension increases will be maintained

In the run-up to June’s General Election, the Conservative Party manifesto had pledged to scrap the triple lock on pensions from 2020 and replace it with a double lock approach.
 
However, in a deal with the Democratic Unionist Party (DUP) on 26 June, the government published a policy which agreed there would be no change to the triple lock. The DUP manifesto had pledged to maintain it.
 
What is the ‘triple lock’?
The triple lock was introduced in 2010 and is a guarantee that the State Pension will rise by a minimum amount each year. This is the higher of:
 

  • 2.5%
  • inflation, or
  • average earnings

 
The proposed double lock was intending to remove the 2.5% part of the above test.
 
RPS pension increases
The triple lock does not apply to private or workplace pensions, such as the RPS.
 
RPS pensions for pensioners and preserved members increase according to the Rules of the Scheme. Currently, it increases each April in line with the Consumer Prices Index (CPI) figure from the previous September. If the CPI figure is negative, no increase applies. However, your pension will not decrease.
 

Place icon

This might interest you...

Take control today

If you are an active or preserved member, you can view your pension details and choices by registering for your personal myRPS account - the easiest way to monitor and manage your benefits.  SIGN UP NOW »