Burnham Says Pension Triple Lock to Be Adjusted From 2030

British Prime Minister Andy Burnham said on Tuesday that the state pension triple lock would be adjusted from April 2030, after the next general election, with the resulting savings directed towards funding a national care service.

Addressing the annual Labour Party conference in Liverpool, Burnham said his government would honour the party's manifesto commitment to leave the triple lock unchanged for the duration of the current parliament. He said that pledge would "take the state pension to a record high."

Under the proposed arrangement, from 2030 — should his party win the next election — the pension would keep rising each year by at least inflation or 2.5%. Burnham said it would also retain its value relative to earnings over time, "so that pensioners will always share in the rising prosperity of the nation."

He further stated that low-income pensioners would not pay income tax during the current parliament. According to Burnham, the changes would mean pensioners receive a state pension that increases every year and face no care charges, while generating significant savings for the country to build up a national care service.