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Politics

Burnham confirms state pension triple lock overhaul from 2030

Andy Burnham has confirmed the state pension triple lock will be adjusted from April 2030, with the savings used to build a National Care Service.

By Sarah Whitfield · · 2 min read

Andy Burnham has confirmed the state pension triple lock will be adjusted from April 2030, with the savings used to help fund a National Care Service.

Speaking at Labour’s annual conference in Liverpool on Tuesday, the prime minister said the change would only take effect after the next general election, and that the party’s manifesto pledge to keep the triple lock unchanged throughout this parliament would be honoured — taking “the state pension to a record high”.

From 2030, if Labour wins the next election, the state pension will continue to rise every year by at least inflation or 2.5%, while holding its value relative to earnings over time “so that pensioners will always share in the rising prosperity of the nation”.

Burnham acknowledged the political risk, telling delegates: “I won’t pretend some of this won’t be difficult. I accept I may pay a political price.” He added: “But someone has to go through the pain barrier and rip the plaster off. I am being honest.”

He set out plans for a National Care Service in the next parliament — “where everyone contributes and everyone is covered” and “free at the point of need” — saying it would be fully funded and “not from borrowing”.

He also confirmed that low-income pensioners would not be dragged into paying income tax during this parliament.

The triple lock, in place since 2011, currently raises the state pension by the highest of inflation, earnings or 2.5%. Around 12 million pensioners received a £575 boost when it rose 4.8% in April.

Sources

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