Millions of pensioners could face a major change to how their state pension rises from April 2030, as Prime Minister Andy Burnham plans to replace the long-standing triple lock with a new system designed to help fund a National Care Service.
The current triple lock will remain in place throughout the current Parliament. From April 2030, the government plans to guarantee that the state pension rises by at least inflation or 2.5%, whichever is higher, while allowing further increases when needed to keep pension payments aligned with average earnings over time.
