Burnham to pass law scrapping pension triple lock before next election
The UK government plans to legislate changes to the state pension triple lock, adjusting the earnings element to prevent excessive increases during wage spikes. While the current guarantee remains until 2030, the move aims to reduce long-term state pension spending.
Why it matters
Pension reform is a highly sensitive political issue that impacts the financial stability of millions of retirees and the national budget.
Andy Burnham delivers his conference speech, in which he set out plans for a national care service in England. Andy Burnham delivers his conference speech, in which he set out plans for a national care service in England. Andy Burnham 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
Prefer the Guardian on Google Andy Burnham will pass legislation to scrap the state pension triple lock in this parliament, even though the guarantee will remain until 2030, the government has said.
The prime minister used his conference speech to announce a change to the policy, which guarantees that the state pension rises by the highest of 2.5%, inflation or earnings growth.
In future, the earnings element will be adjusted to avoid much larger pension increases in years when wages spike.
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