🇬🇧 Andy Burnham
Burnham Pledges To Scrap Tory Pension Triple Lock To Fund New National Care Service
What happened
The Prime Minister will scrap the Tory pension triple lock, which will result in the policy becoming a double lock from April 2030. The change will generate significant savings, which will be used to fund a new national care service. Low-income pensioners will not have to pay income tax in this parliament. The current triple lock policy awards state pensions an increase of either the rate of inflation, average wages, or 2.5%, whichever is higher.
Why it matters
The reform of the state pension system and the introduction of a new national care service may have significant implications for the UK's elderly population and the country's social care system.
Key facts
- The current pension triple lock policy will be replaced by a double lock from April 2030.
- The savings generated by the change will be used to fund a new national care service.
- Low-income pensioners will not have to pay income tax in this parliament.
- The reform aims to generate significant savings.
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Publisher evidence used
Reporting attributed to huffingtonpost.co.uk. WorldLeadersNews links readers to the publisher and does not present a headline-only item as a full article analysis.
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