

Andy Burnham has announced plans to reform the state pension triple lock after 2030 to help fund a new National Care Service. Under the current system, pensions rise annually by whichever is highest: inflation, average earnings growth or 2.5%. Labour proposes replacing this after the next election with a guarantee based on inflation or 2.5%, while seeking to maintain pension values relative to earnings over the longer term. Burnham argues that savings should help create a social care system offering free personal care, reducing the risk of elderly people exhausting their savings to meet care costs. However, he has acknowledged that pension reforms alone may not fully fund the proposed service, particularly during its early years. The policy represents a significant political change, with critics accusing Labour of penalising pensioners while supporters argue that reforming social care would directly benefit many older people.

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