Andy Burnham has confirmed a change to the Department for Work and Pensions (DWP) triple lock to make it “fairer”. The Labour Party government will adjust the triple lock from 2030 for state pension recipients and claimants.
Writing on his Facebook page, Makerfield MP Mr Burnham said of the DWP triple lock: “I want to explain what's happening with the Triple Lock and why. The first thing to know is this: The state pension will keep going up.
“The Triple Lock means your pension rises each year by whichever is highest: inflation, wages or 2.5%. So it's always rising. That exact system will stay in place until the end of this Parliament. Then, pensions will still continue to rise every year.”
What the Triple Lock Change Means from 2030
Under the proposed adjustment, pensions will continue to rise annually. Mr Burnham explained: “Going up at least by inflation or 2.5%, whichever is higher. And under these proposals, wages still matter too. The state pension will continue to keep pace with earnings over time.”
The exact mechanism of the triple lock – which guarantees annual increases by the highest of inflation, wage growth, or 2.5% – remains unchanged until the end of the current Parliament. From 2030, the system will be modified, but the state pension will still rise each year.
Funding a National Care Service
The savings generated from this adjustment will be directed toward a new National Care Service. Mr Burnham said: “The savings generated from this adjustment will help to fund a National Care Service, so older people can have the security of a State Pension that keeps rising every year, and the peace of mind of knowing they won't face catastrophic care costs if they need support later in life.”
He added: “I think this is a fairer deal for older people. What do you think?”
Public Reaction to the Proposed Change
In reply, one respondent wrote: “Why is it that when the country needs to raise money it always looks at raising it from the poorest in society i.e. pensioners and people on benefits. State pension is not a benefit it is a payment from an insurance policy that has matured. If the tax rate on earnings over 200k were to be raised by 5% it would not affect the lifestyle of those earning it.”
A second typed: “It would be fairer to give pensioners the living wage and link future increases to MP's pay rises.” A third posted: “It's fair, and I speak as someone a few years away from state pension age who this will affect. If we want an NHS that works then we need a care system that works too. At least you've grasped the nettle, which is more than your predecessors did.”
A fourth said: “I'm in my Seventies and think the proposed changes are a good compromise for both present pensioners and younger people who have to fund our pensions.”
The government has not yet published detailed legislation on the new system, but the adjustment is scheduled to take effect in 2030, with the state pension continuing to rise annually thereafter.
