LIVERPOOL, England ― U.K. Prime Minister Andy Burnham today pledged to scrap the controversial pension triple lock by 2030, replacing it with a new mechanism that he says will fund his national care service. Under the new system, the state pension would no longer rise by earnings if they are the highest each year, instead rising by a “double lock” of at least an increase in inflation or 2.5% annually. Burnham told the Labour Party conference on Tuesday that he will ensure that the state pension also holds its value relative to wage growth, the third aspect of the "triple" lock he wants to drop, in the long term. Any changes would come after the next election, which will need to be held in 2029 at the latest.
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