Andy Burnham’s pledge to scrap the triple lock could cost future pensioners thousands of pounds, new analysis has found.

The prime minister has said that the mechanism used to increase the state pension every year will be “adjusted” from 2030 , meaning it will rise at a slower rate.

This could see the state pension reach £33,500 by 2050 instead of a projected £35,100, pension advisers Hymans Robertson have found – a loss of £1,600.

Under the current triple lock policy, the state pension increases in line with either inflation, average earnings, or at least 2.5 per cent – whichever is highest.

But Labour’s plans would remove average earnings as a key metric from 2030.…