Two thirds of over-40s don’t know what the triple lock is

A new survey of 1,295 UK adults aged 40 and above has found:
 

• 65% of UK adults aged 40 and above cannot identify the definition of the triple lock.
  • When given four options, 39% selected the incorrect definition of the three factors that make up the triple lock, while 26% admitted they did not know.
• 51% of over-40s think the UK’s pension system is too complicated.
• 50% do not think the government provides sufficient education and support to help people understand pension policy.

 
The majority of UK adults aged 40 and above do not know what the triple lock is, new research by My Pension Expert has revealed.

The UK’s leading at-retirement adviser commissioned an independent survey of 1,295 UK adults aged 40 and above. It found that when presented with four definitions of the triple lock, only 35% identified the correct one (that the state pension would increase by the annual rate of inflation, average annual UK wage growth, or 2.5%, whichever figure is largest).

Almost in two in five (39%) selected the incorrect definition of the three factors that make up the triple lock, while over a quarter (26%) of those surveyed said they were not sure what the triple lock is.

My Pension Expert’s research also showed that just over half (51%) think that the UK’s pension system is too complicated, with a similar number (50%) stating that they do not think that the UK government provides sufficient education and support to help people understand pension policy.

Three in five (62%) over-40s said that they find pension planning daunting, and 69% feel the government needs to do more to improve people’s access to financial guidance and advice.
 
Lily Megson, Policy Director at My Pension Expert, said: “Preparing for retirement is rarely as straightforward as we’d all like it to be. Sadly, the complexity of our pensions system exacerbates the issue, with changing policies, excessive jargon and insufficient government support leaving savers in the dark as they prepare for the future.

“That so few over-40s know precisely what the triple lock is ought to be a wake-up call to MPs. We need a shift towards greater consistency and clarity when it comes to pension policy – something that would help people plan effectively. This must then be supported through better access to financial education, guidance and advice for everyone.

“Political parties should work more constructively together to deliver genuine cross-party collaboration on boosting financial literacy. Everyone should have access to the right tools to manage their finances and effectively prepare to achieve the retirement they deserve.”
 
About the research 
 
The market research was carried out between 8th and 13th May 2024 among 1,295 UK adults via an online survey by independent market research agency Opinium. Opinium is a member of the Market Research Society (MRS) Company Partner Service, whose code of conduct and quality commitment it strictly adheres to. Its MRS membership means that it adheres to strict guidelines regarding all phases of research, including research design and data collection; communicating with respondents; conducting fieldwork; analysis and reporting; data storage. The data sample of 1,295 UK adults is fully nationally representative, ensuring the respondents are weighted by age, gender, region, employment status and political views.