Andy Burnham will introduce legislation to scrap the state pension triple lock during this parliament, the government has said, according to the Guardian, though the current guarantee will remain in place until 2030.
Key facts
- Andy Burnham will pass legislation to scrap the state pension triple lock in this parliament, the government says, according to the Guardian.
- The triple lock guarantee will remain in place until 2030.
- MPs will vote on the changes during this parliament.
- The change was announced in the prime minister's conference speech, the Guardian reported.
- The triple lock guarantees the state pension rises by the highest of 2.5%, inflation or earnings growth.
Andy Burnham will pass legislation to scrap the state pension triple lock during this parliament, the government has said, according to the Guardian. The move would end one of the long-standing guarantees underpinning how the state pension rises each year.
Despite the planned legislation, the government said the triple lock guarantee will remain in place until 2030, the Guardian reported. MPs are expected to vote on the changes during the current parliament, meaning the legal change would be decided well ahead of the date on which it takes effect.
The change was announced in the prime minister’s conference speech, according to the Guardian.
The triple lock guarantees that the state pension rises by the highest of three measures: 2.5%, inflation, or earnings growth.
Further details of the legislation, including what will replace the triple lock after 2030, were not specified in the reporting. It was also not stated how MPs will vote or when the legislation will be introduced.
Why it matters
The triple lock determines how much millions of pensioners receive each year and is a significant item in the public finances. Legislating to change it would alter how future state pension increases are calculated, affecting both retirees and taxpayers.
Frequently asked questions
When will the triple lock be scrapped?
The government says the triple lock guarantee will remain in place until 2030, though legislation to scrap it will be passed during this parliament, according to the Guardian.
What is the state pension triple lock?
The triple lock guarantees that the state pension rises by the highest of three measures: 2.5%, inflation, or earnings growth.
Who announced the change?
The prime minister announced the change to the policy in his conference speech, and Andy Burnham will pass the legislation, the government said.