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The Independent UK
The Independent UK
National
David Lynch

Badenoch explains what the Tories would do with the state pension triple lock

  • Conservative leader Kemi Badenoch has admitted it would be difficult to restore the pension triple lock if Labour alters the policy and spends the money elsewhere.
  • Prime minister Andy Burnham plans to sever the triple lock's automatic connection to average earnings growth from 2030, linking state pensions to CPI inflation or 2.5 per cent.
  • Savings from the reform, estimated at £15bn a year by 2040, are intended to fund a new free social care system.
  • Mrs Badenoch insisted the triple lock remains Conservative policy but refused to promise a reversal of Labour's legislation without knowing the future financial picture.
  • Modelling suggests the changes could leave the state pension £5,400 a year lower in 20 years compared to the existing mechanism.

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