Andy Burnham will scrap the state pension triple lock after the next general election and use the savings to build a National Care Service, the prime minister told the Labour Party conference in Liverpool today.
The triple lock guarantees that the state pension rises each year by the highest of average earnings growth, inflation or 2.5 per cent. Burnham said the mechanism would stay in place for the rest of this Parliament, after which pensions would rise in line with prices or by 2.5 per cent a year.
“This change will generate significant savings, which we will use to build up our National Care Service,” Burnham said. He added that older people with little more than the state pension can find themselves paying care charges, and that under his plan “this will no longer happen”.
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