How the triple lock is changing as cost to future pensioners is revealed

Become an Independent member to bookmark this article Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Membership today. Join today Already a member? Log in How the triple lock is changing as cost to future pensioners is revealed Albert Toth Friday 23 October 2026 12:52 BST Bookmark popover Removed from bookmarks Close popover Andy Burnham confirms changes to state pension triple lock to fund new National Care Service Labour has announced plans to adjust the state pension triple lock from 2030, which analysis suggests could cost future pensioners £1,600 annually by 2050. The policy change will remove average earnings as an automatic metric, instead increasing pensions by at least inflation or 2.5 per cent while maintaining relative earnings value. Andy Burnham pledged to maintain the existing triple lock until 2030, after which the expected savings are intended to help fund a free social care system. Analysis by Hymans Robertson indicates that projected annual savings of £50bn could be halved if economic growth is low, placing greater emphasis on private pension savings. The Department for Work and Pensions defended the proposed changes, stating the adjusted triple lock will ensure state pensions remain sustainable while continuing to rise. In full Pensioners to lose £1,600 under Labour’s plans to scrap triple lock, new analysis shows