Andy Burnham, the former Greater Manchester Mayor widely expected to become the next Prime Minister, is set to keep the triple lock policy, potentially handing millions of state pensioners an extra £1,300 over the next few years. This projection is based on government estimates of how much the full state pension will rise under the triple lock by the end of the current Parliament, according to ministers.
Triple Lock Policy Maintained
Despite growing calls from economists to scrap the triple lock, citing its expense and unsustainability, there is no suggestion that Burnham will ditch the policy. Under the triple lock, payments increase annually to match whichever is highest: inflation, wage growth, or 2.5%. Exact increases are determined at the end of each year. The policy is likely to remain in place at least until the next general election.
Pension Increase Projections
Ministers have estimated that the state pension will rise by around £1,300 by 2029. This would make millions of pensioners significantly better off. A recent report by the Resolution Foundation called for the triple lock to be ditched, but Burnham appears committed to maintaining it.
Political Context
Burnham is set to take over from Keir Starmer as the next Prime Minister, and his stance on pensions is a key part of his platform. The triple lock has been a contentious issue, with supporters arguing it protects pensioners from cost-of-living pressures, while critics claim it is too costly for the public finances.
