Burnham to pass law scrapping pension triple lock before next election

Andy Burnham, the Prime Minister, has announced plans to pass legislation scrapping the state pension triple lock during this parliament, despite the guarantee remaining in place until 2030. This policy ensures that the state pension increases by the highest of 2.5%, inflation, or earnings growth.

In his conference speech, Burnham outlined that the earnings component of the triple lock will be adjusted to prevent significant pension increases during years of wage spikes. He emphasized that the triple lock will remain until 2030, aligning with Labour’s manifesto promise to uphold the guarantee until after the next election.

However, guidance released alongside the speech indicates that the government plans to legislate these changes before the next election, requiring MPs to vote on the adjustments. This means that political parties will need to clarify their positions in their manifestos regarding whether to maintain or repeal Labour’s proposed changes.