Have you ever wondered what it feels like to plan your retirement, only to realize the rules you counted on don’t quite apply? For millions of retirees, the state pension triple lock—a promise of yearly increases based on the highest of inflation, wage growth, or 2.5%—is a lifeline. But here’s the kicker: not everyone gets the full benefit. As I dug into the numbers, I couldn’t help but feel a pang of frustration for those who’ll miss out in April 2026. Let’s unpack why this happens, who’s affected, and what it means for their golden years.
Why the Triple Lock Isn’t Universal
The triple lock sounds like a golden ticket for retirees, ensuring their state pension keeps pace with rising costs or wages. But there’s a catch—not all pension payments are covered by this generous formula. Some parts of the pension, like the state second pension (often called Serps), only rise with inflation. In a year when wages outpace prices, that’s a real loss. Imagine counting on a 4.6% boost but only getting 3.8%. It’s not just numbers—it’s groceries, heating, or that occasional treat you might have to skip.
It’s surprising how many retirees don’t realize parts of their pension aren’t triple-locked.
– Former pensions expert
The triple lock applies fully to the new state pension and the basic state pension, but other components? Not so much. This creates a divide among pensioners, and it’s worth understanding who’s on the losing end.
Who Misses Out on the Triple Lock?
Let’s get specific. A staggering 6.5 million pensioners are expected to receive the state second pension in 2026/27, and this portion of their income won’t get the triple lock boost. Instead, it’s tied to Consumer Price Index (CPI) inflation, which could be lower than wage growth. For example, if wages rise by 4.6% and inflation sits at 3.8%, that’s a noticeable gap. Over time, these small differences add up, chipping away at purchasing power.
- State second pension recipients: Around 6,574,000 retirees will see this part of their pension rise only with inflation.
- Pension deferrers: Those who delay their pension get an extra 5.8% per year deferred, but that extra amount also follows CPI, not the triple lock.
- Expat pensioners: About 450,000 Brits living in countries like Australia or Canada face frozen pensions, with no increases at all.
Interestingly, the number of people receiving the state second pension is shrinking—down from 10 million a decade ago. As older pensioners pass away, fewer rely on the basic state pension and its add-ons. But for those still in the system, the inflation-only adjustment feels like a quiet penalty.
What’s the Financial Impact?
Let’s break it down with some numbers. If the triple lock uses a 4.6% wage growth figure in April 2026, the full new state pension could jump by £551 to £12,524 annually. The basic state pension might rise by £367 to £9,634. But for the state second pension? A 3.8% inflation-based increase means you’re getting roughly 80% of the boost others enjoy. For someone relying on both, the shortfall stings.
| Pension Type | 2025 Amount | 2026 Est. Increase | 2026 Est. Total |
| New State Pension | £11,973 | £551 (4.6%) | £12,524 |
| Basic State Pension | £9,267 | £367 (4.6%) | £9,634 |
| State Second Pension | Varies | 3.8% (inflation) | Varies |
I can’t help but think about my own parents, nearing retirement age, wondering if they’ll feel this pinch. It’s not just about the money—it’s the principle. You work your whole life, expecting a system that treats everyone fairly, only to find out the rules are uneven.
Why Does This Happen?
The triple lock was designed to protect the core pension payments, but add-ons like the state second pension were left out to keep costs manageable. Governments face a tough balancing act—budget constraints versus retiree support. When inflation was sky-high in recent years (think 10.1% in 2023), the triple lock delivered massive boosts. Now, with wage growth at 4.6% and inflation at 3.8%, the gap between triple-locked and non-triple-locked payments becomes more obvious.
The triple lock is a political promise, but it’s not a universal one.
– Retirement analyst
Perhaps the most frustrating part is the lack of clarity. Many retirees don’t even know their pension has parts that aren’t triple-locked until they see their payments. It’s like ordering a full meal but getting a smaller portion than your neighbor for no clear reason.
What’s Next for the Triple Lock?
The triple lock’s future is always a hot topic. Some experts argue it’s unsustainable, especially after years of high inflation pushed pensions up by 8.5% in 2024 and 10.1% in 2023. Others say it’s a vital safety net. For 2026, we won’t know the exact increase until October 2025, when inflation and wage data are finalized. But if trends hold, expect a 4–4.5% bump for triple-locked pensions, while others lag behind.
Here’s a quick look at what drives the triple lock:
- Inflation: Based on September’s CPI figure.
- Wage growth: Uses May–July average earnings data.
- 2.5%: The minimum increase, rarely used recently.
If inflation stays lower than wages, the gap between triple-locked and non-triple-locked pensions will widen. It’s a subtle but real divide that could shape how retirees plan their budgets.
The Tax Trap Awaits
Here’s where it gets trickier. The new state pension is creeping closer to the tax-free personal allowance of £12,570. At £12,524 in 2026, it’s almost there. Add in any private pensions or part-time work, and many retirees could start paying tax on their state pension. This is a slow-burning issue that’s dragging more people into the tax net each year.
I find this particularly sneaky. You’re promised a pension boost, but then part of it gets clawed back by taxes. It’s like being handed a shiny new toy, only to find out you owe a fee to keep it.
What Can Retirees Do?
Feeling a bit helpless? Don’t. There are ways to navigate this uneven system. First, understand your pension breakdown—check if you’re getting the state second pension and how much it’s worth. Knowledge is power. Next, consider other income sources, like private pensions or ISAs, to cushion the gap. Finally, if you’re an expat, explore whether moving to a country with a pension agreement (like the EU or USA) could unfreeze your pension.
Planning ahead can soften the blow of an uneven pension system.
– Financial advisor
For me, the takeaway is simple: don’t assume the state has your back entirely. The triple lock is great, but it’s not a blanket promise. A bit of proactive planning can make all the difference.
Looking Ahead: A Fairer System?
Is the triple lock perfect? Far from it. It’s a political tool as much as a financial one, designed to win votes but not always to deliver fairness. Maybe it’s time for a rethink—perhaps a system where all pension components rise equally, or one that prioritizes those with the least. Until then, millions will keep missing out, and that’s a tough pill to swallow.
As I reflect on this, I can’t help but wonder: how many retirees are planning their budgets without knowing these details? If you’re nearing retirement or already there, take a moment to dig into your pension statement. You might be surprised at what you find.
Pension Planning Checklist: - Review your state pension breakdown - Estimate your 2026 increase - Explore tax-free income options - Consider relocation if abroad
The triple lock is a cornerstone of retirement planning, but its gaps are real. By understanding who misses out and why, you can take steps to secure your financial future. After all, retirement should be about enjoying life, not worrying about the fine print.
