Markets · Read News
Skip to content All News Sport Culture Lifestyle People on the full state pension are set to breach the personal tax allowance for the first time after official earnings data put them in line for a rise of nearly £500 a year from next April (Alamy/PA) Plans are reportedly being considered by Andy Burnham to reform or axe the pension triple lock to fund a new national care service. The policy guarantee ensures the state pension increases every year to keep up with rising costs and other financial pressures. The rate increases year-on-year by whichever is highest: inflation, average earnings, or 2.5 per cent.
Former chief secretary Darren Jones suggested that reallocating triple lock spending could help support older people within the social care system. Independent analysis shows pensioners would be £1,227.20 a year worse off if the state pension had been linked to inflation rather than the triple lock since 2011. Experts and think tanks such as the Resolution Foundation have urged introducing alternative models, including a smoothed earnings link, to lower state pension costs.
In full Pension triple lock: How could Labour scrap it, and what would it cost state pensioners? More bulletins Thank you for registering Please refresh the page or navigate to another page on the site to be automatically logged in Please refresh your browser to be logged in
Source: The Independent
