Burnham clarifies State Pension changes to triple lock mechanism

Summarised from 2 outlets · Updated 10 Oct, 14:24 · Archive

Andy Burnham has explained Labour's plan to change how the State Pension rises annually if the party wins the next election.

Andy Burnham has explained Labour's planned changes to the State Pension if the party wins the next general election, due in 2029. Currently, the State Pension rises each April by whichever is highest of inflation, average earnings or 2.5% - a mechanism known as the triple lock. Labour proposes changing this so the pension will instead rise by whichever is highest of inflation and 2.5%, removing average earnings from the calculation.

The Institute for Fiscal Studies says the triple lock, introduced in 2011, has raised the State Pension much faster than it would have under other measures. It is now roughly 14% higher than it would have been had it only tracked earnings. Currently, most people on a full State Pension receive £241.30 per week, with the triple lock likely to raise this to approximately £250.70 in April 2027.

Any savings from the changes will go towards creating a National Care Service to tackle the costs families pay for care and reduce pressures on the NHS. The proposals have provoked mixed reactions. Sharon Graham, general secretary of the Unite union, warned the plans could amount to 'electoral suicide'. Tom Pope, chief economist at the Institute for Government, welcomed the decision as 'a much more sensible way to increase pensions'.

How it is being reported

• Andy Burnham clarifies 'fairer' State Pension triple lock changes for those born 1967-1996Andy Burnham says the change is fairer and asked people what they thinkDaily Express · 10 Oct, 14:11
• Andy Burnham shares ''it's fairer' State Pension update to people born between 1967 and 1996The Prime Minister has explained exactly how planned changes to the State Pension annual increase will workThe Mirror · 10 Oct, 13:40

In this story: Andy Burnham · Labour · Institute for Fiscal Studies · Unite · Sharon Graham · Tom Pope · Institute for Government

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