Burnham to pass law scrapping pension triple lock before next election
Guarantee will remain until 2030, but MPs will vote on changes during this parliament, government says Andy Burnham will pass legislation to scrap the state pension triple lock in
By The Guardian
Andy Burnham has set out plans to change the state pension triple lock from April 2030, while promising to keep the current guarantee in place for the rest of this parliament.
At the Labour Party conference, Burnham said the government would honour its manifesto promise to protect the triple lock until the end of the current parliament. After that, he said, the pension would rise each year by at least inflation or 2.5%, rather than also being tied automatically to average earnings.
The triple lock currently means the state pension goes up each April by whichever is highest out of inflation, earnings growth or 2.5%. Burnham said the change would help fund wider social care reforms.
Reporting on the speech said the alteration would not take effect until 2030, meaning the current protection would remain until after the next general election.
Burnham’s comments came in his first Labour conference speech as prime minister, where he said the state pension would still keep its value relative to earnings over time.