Overview
- Chancellor Rachel Reeves told the Treasury Select Committee she will not switch to a single lock during this Parliament, confirming the triple lock stays in place.
- The state pension will rise by 4.8% next April, taking the full new rate to £241.30 a week (£12,547 a year), just under the frozen £12,570 personal allowance.
- The Treasury formally rejected a petition with about 25,000 signatures to double pensioners’ personal allowance, calling the proposal untargeted and costly.
- Ministers say from 2027–28 people whose only income is the basic or new State Pension will not be required to settle small tax bills via Simple Assessment if payments exceed the allowance.
- The OBR estimates the triple lock will add roughly £15.5 billion a year to costs by 2029–30, as MPs continue to debate affordability, including calls from some to phase out the policy.