Government to legislate end of pension triple lock after 2030, Burnham says
Prime Minister Andy Burnham's government will pass legislation on the state pension triple lock during this parliament, though the current guarantee remains until 2030.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
The government will introduce legislation during the current parliament to change the state pension triple lock, even though the existing guarantee will remain in effect until 2030, Prime Minister Andy Burnham's government has said.
The triple lock guarantees that the state pension rises each year by whichever is highest of 2.5%, the rate of inflation, or average earnings growth. Under the planned legislation, MPs will vote on changes to the policy during this parliament, though the current guarantee will not be affected before 2030.
Burnham announced the change to the policy during his party conference speech, according to reports.
The move is likely to prompt debate among MPs and pensioner groups over the future shape of state pension increases beyond the current decade, given the central role the triple lock has played in pension policy to date.
Further details of what will replace the triple lock after 2030, including any new formula for annual increases, were not set out in the government's announcement.
Sources
- Burnham to pass law scrapping pension triple lock before next election — The Guardian — World
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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