Prime minister Andy Burnham is to turn the government’s triple lock pensions commitment into a double lock to pay for a new national care service.
Triple lock change
Addressing the Labour Party conference this afternoon, Burnham committed to changing the pensions “triple lock” from 2030 to help fund adult social care in England.
The triple lock ensures the state pension currently increases annually by inflation, average wage growth, or 2.5% – whichever is highest.
But Burnham said that, from April 2030, it will “rise at least by prices [inflation] or 2.5%” and will “hold its value relative to earnings over time”
National care service
Reiterating his commitment to fixing the UK’s social care system, Burnham revealed that he wanted to create a social care system where “everyone contributes and everyone is covered”.
This system would be free at the point of use, with no care charges paid out of basic state pensions.
The PM said that under this new plan, older people with “nothing more than state pension” will not have to pay for care charges.
He added that low income pensioners “will not not be dragged into paying income tax in this Parliament”.
And he said his plan will see a state pension that rises each year, no care charges, and a high quality NHS.