Labour plans state pension change from April 2030

Prime Minister Andy Burnham said Labour plans to change how the state pension rises from April 2030, with the reform intended to help fund a National Care Service in England. Under the proposal, pensions would increase by at least the rate of consumer price inflation or 2.5%, while further increases could be made to preserve the pension’s value relative to average earnings over time. The proposal would alter the triple lock, which currently raises the state pension each year by whichever is highest: inflation, average earnings growth or 2.5%. The reported plan retains a floor tied to inflation or 2.5%, but the precise method for assessing the pension against earnings has not been set out in the supplied information. The amount the change would save, and how much it would contribute to care-service funding, also remain unspecified. Burnham outlined the plan in a Labour conference speech. His announcement comes amid discussion within the party about the future affordability of the triple lock.