Andy Burnham has pledged his support for the Triple Lock, with state pension payments projected to climb to £12,861 next year. The increase, calculated on the lowest possible figure it can rise by, would see state pensioners receive £1,071 monthly.
Triple Lock Commitment
Mr Burnham, widely tipped to become the next Prime Minister, has backed the Department for Work and Pensions (DWP) Triple Lock commitment after Chancellor Rachel Reeves confirmed it would remain for the rest of this Parliament. Under the triple lock, the full state pension will increase by a minimum of 2.5 per cent in future years, meaning in 2027/28 it will be at least £12,861, according to Aegon pensions director Steven Cameron.
History and Scope of the Triple Lock
In 2011, the Conservative Party and Liberal Democrats coalition government introduced the State Pension 'triple lock', ensuring that the State Pension rises each year in line with inflation, wage growth or 2.5% – whichever is highest. Not all state pension payments fall under the triple lock guarantee. It applies fully to the 'New State Pension', which began in 2016. However, millions of older pensioners get a different sum from a mix of the Basic State Pension and additional earnings-related components – known as SERPS or the State Second Pension (S2P).
Political Reactions and Context
The Triple Lock pledge emerges as attention focuses on Mr Burnham's policies. Green leader Zack Polanski has cautioned Mr Burnham against abandoning environmentally-friendly initiatives. Andrea Egan, the leader of Unison, declared this month that increased fossil fuel drilling would offer no assistance to working-class communities. "Climate change denial is creeping into politics like never before, with far-right parties treating fossil fuels as a panacea for the country's problems," Egan wrote. "Plundering the North Sea wouldn't make a significant difference for working-class people in Britain, and it would be grossly irresponsible to working-class people in the global south."
