triple lock

See also: triple-lock

English

Noun

triple lock (plural triple locks)

1. (UK, finance) A policy whereby the state pension is increased every year to match either price inflation, earnings growth, or a third fixed rate, whichever is highest.
   • 2022 October 17, “Jeremy Hunt shreds Truss’s economic plans in astounding U-turn on tax”, in The Guardian‎^[1]:

     He refused to rule out changes to the pensions triple lock and said a new windfall tax on energy profits was on the table.

2. (Ireland, informal) The requirement that approval is received from the Irish government, the Dáil (parliament), and the United Nations, prior to any overseas military action by Irish defence forces.