Pension triple lock to be adjusted from 2030, PM announces

Summarised from 3 outlets · Updated 23 Oct, 12:44 · Archive

Prime Minister Andy Burnham has announced changes to the state pension triple lock from 2030 to generate savings for a National Care Service.

Prime Minister Andy Burnham has announced a shake-up of the state pension triple lock, to take effect from April 2030. He pledged to keep the current triple lock unchanged throughout this Parliament, honouring a Labour manifesto promise.

Under the current system, the state pension rises each year by whichever is highest of three figures: earnings growth from May to July, inflation measured in September, or 2.5 per cent. The proposed adjusted lock would remove the earnings link, instead guaranteeing annual increases of at least inflation or 2.5 per cent.

Burnham said the change would 'generate significant savings' to be used for building a National Care Service. The state pension could still rise by more than inflation or 2.5 per cent in some years to maintain its value relative to average worker earnings. Analysis cited by the Evening Standard suggests pensioners could face a £1,600 reduction to their state pension by 2050 under the new arrangements.

How it is being reported

• Pensioners to lose £1,600 under Labour’s plans to scrap triple lock, new analysis showsLabour has said it will change the pension policy from 2030The Independent · 23 Oct, 12:32
• How much your state pension could be by 2050 under Burnham’s triple lock cutThe state pension will almost certainly be smaller in later years under the Prime Minister's new 'adjusted' triple lockThe i Paper · 23 Oct, 12:26
• Pension triple lock changes: Everything you need to know as pensioners 'face £1,600 hit'Pensioners face a £1,600 hit to their state pension by 20250, according to new analysisEvening Standard · 23 Oct, 11:33

In this story: Andy Burnham · Labour · National Care Service

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