🇬🇧 Andy Burnham
Date for state pension triple lock axe set by Andy Burnham
What happened
According to reports, Prime Minister Andy Burnham is set to axe the triple lock, which automatically increases state pension payments by one of three metrics: inflation, wage growth or 2.5%, whichever is highest. This decision is said to be part of a plan to fund free social care for the elderly. The exact timing of the change is unclear. The Office for Budget Responsibility has proposed a 'double lock' system, removing the wage growth element.
Why it matters
The potential change could impact current and future pensioners, as the rate of increase in the state pension would be reduced. The decision is part of a broader plan to reform the state pension system.
Key facts
- The triple lock has an expiry date set by Prime Minister Andy Burnham.
- The 'double lock' system would remove the wage growth element.
- The Institute for Fiscal Studies estimates the triple lock makes planning the government's finances difficult.
- The Office for Budget Responsibility has proposed the 'double lock' system.
Publisher evidence used
Reporting attributed to express.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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