Brief
Labour to scrap state pension triple lock from 2030, Burnham says
The next Labour government will replace the triple lock with a double lock and ensure pensions keep pace with earnings, the party leader said.
By Felo News Desk · Published
Labour leader Andy Burnham said the state pension triple lock will be ended from April 2030, replacing it with a "double lock" that omits average earnings from the uplift formula.
Burnham explained that the pension will still rise each year by the higher of inflation or a 2.5% floor and will "hold its value relative to earnings over time" so pensioners share in rising prosperity.
The current full state pension stands at £241.30 a week. The Office for Budget Responsibility estimates pension spending will rise to £15.5 bn a year by 2030, with the proposed changes expected to save about £15 bn annually by 2040.
Key facts
- Labour will scrap the state pension triple lock from April 2030. (independent.co.uk)
- The new "double lock" will raise pensions by the higher of inflation or 2.5%, and tie value to earnings over time. (independent.co.uk)
- Full state pension weekly rate is £241.30. (independent.co.uk)
- OBR forecasts pension spending will reach £15.5 bn a year by 2030. (independent.co.uk)
- The reform is projected to save £15 bn per year by 2040. (independent.co.uk)
Sources
- [1] independent.co.uk — originally reported as “How much will the end of triple lock cost pensioners?”
