Andy Burnham Says Labour Will Keep State Pension Triple Lock

GB News reported that Andy Burnham confirmed the state pension triple lock will remain in place under his premiership. The Prime Minister, who delivered his first address from Downing Street on July 20 after taking office, said Labour's manifesto commitment to retain the policy would be honoured. The confirmation guarantees millions of pensioners a payment increase from next April.

Under the triple lock, pensioners receiving the new state pension who are aged 77 or younger by next April and have a full National Insurance record are guaranteed to receive at least £313 more a year. Those receiving the basic state pension will receive a minimum annual increase of £240, provided they also have a complete National Insurance record.

The triple lock guarantees that the state pension rises each year by the highest of inflation, average earnings growth or 2.5 per cent.

Those who reached state pension age before April 2016 currently receive the basic state pension, worth £9,614.80 a year. A 2.5 per cent increase would add £240.37 annually before any additional entitlements. People who reached state pension age from April 2016 onwards receive the new state pension, currently worth £12,547.60 a year.

Applying the minimum 2.69. " This year's increase saw recipients of the full new state pension receive an annual rise of around £575 after average earnings growth of 4.8 per cent triggered the triple lock. The final uplift will be confirmed in the autumn once the relevant earnings and inflation figures have been published.