Skip to content

All

News

Sport

Culture

Lifestyle

Andy Burnham confirms changes to state pension triple lock to fund new National Care Service

Labour has announced plans to adjust the state pension triple lock from 2030, which analysis suggests could cost future pensioners £1,600 annually by 2050.

The policy change will remove average earnings as an automatic metric, instead increasing pensions by at least inflation or 2.5 per cent while maintaining relative earnings value.

Andy Burnham pledged to maintain the existing triple lock until 2030, after which the expected savings are intended to help fund a free social care system.

Analysis by Hymans Robertson indicates that projected annual savings of £50bn could be halved if economic growth is low, placing greater emphasis on private pension savings.

The Department for Work and Pensions defended the proposed changes, stating the adjusted triple lock will ensure state pensions remain sustainable while continuing to rise.

In full Pensioners to lose…