What is the Triple Lock?

We explain the triple lock, what the recent changes mean, and how you can protect your pension

Sunniva Kolostyak 20 September, 2021 | 11:56AM
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Chain holding padlocks

The triple lock has been a popular topic in the recent weeks due to the Government announcement that it will have one less lock over the course of the next year. But what any of this means for you as an investor is not easy to figure out.

Triple Lock Pensions

When measured against pension systems in the rest of Europe, the UK often falls short. It recently reached 25th place of 33 in an analysis from Blacktower Financial Management (Finland took the crown). And, in 2018, the OECD ranked the UK state pension the worst in the developed world. This highlights the importance of saving for retirement through an occupational or private vehicle as well, to enable a comfortable retirement. We have also written a guide to how the UK pension system works.

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About Author

Sunniva Kolostyak  is data journalist for Morningstar.co.uk