UK Ends Pension Triple Lock From 2030 to Fund Social Care Service
Updated
Updated · Bloomberg · Sep 29
UK Ends Pension Triple Lock From 2030 to Fund Social Care Service
3 articles · Updated · Bloomberg · Sep 29
Summary
From 2030, the UK will raise the state pension by inflation or 2.5%, scrapping the wage-growth element of the triple lock.
Andy Burnham said the change would help pay for a new national social care service, arguing he was prepared to bear the political cost of overhauling a long-protected benefit.
The move narrows future pension increases whenever earnings outpace inflation, redirecting part of that savings toward a major expansion of social care provision.