Andy Burnham has proposed changing the state pension 'triple lock' from 2030, a change that would affect every pensioner and those approaching retirement over the coming decade. The triple lock, introduced in 2012, guarantees annual rises in line with the highest of inflation, wage growth or 2.5%. Burnham's plan would remove the earnings element, effectively creating a double lock, so increases could be smaller and retirees could end up hundreds of pounds worse off a year over time. The Conservatives under Kemi Badenoch have said they would keep the triple lock, setting up a clear political divide before an election due before 2030. Money expert Antonia Medlicott of Investing Insiders argues a review is overdue, noting the pension is projected to cost more than National Insurance contributions by 2035 and rose 60 per cent between 2010 and 2023 while earnings rose 40 per cent.
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