Overview
- Andy Burnham pledged on Friday, June 26 to uphold the Department for Work and Pensions’ Triple Lock if he becomes prime minister, echoing Chancellor Rachel Reeves’ promise to keep it for this Parliament.
- Pension forecasts from Aegon project the full New State Pension will rise to at least £12,861 in 2027/28, which equates to about £1,071 a month on the minimum 2.5% uplift.
- Economic adviser Andy Haldane warned the Triple Lock is fiscally unsustainable, arguing the rule creates growing pressure on public finances as pension costs rise faster than other spending.
- Campaign groups and unions including Silver Voices have urged Burnham not to backtrack and warned of strong voter backlash if the guarantee is removed, making the pledge politically sensitive.
- The Triple Lock, introduced in 2011 and applied in full to the 2016 New State Pension, raises payments each year by whichever is highest of inflation, average wages or 2.5%, and critics say that history of above-inflation rises is now driving the current sustainability debate.