Pension Triple-Lock Review
Andy Burnham calls for state pension triple-lock review to fund social care.
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Andy Burnham is expected to say the state-pension triple lock is not working in its current form and should be reviewed in Labour’s next manifesto, while stopping short of promising to abolish it. The guarantee raises pensions by whichever is highest: inflation, average earnings growth or 2.5%; Labour says it will remain in place until at least the next election under its existing pledge. The review comes amid efforts to fund Burnham’s proposed NHS-style social care system, and a levy on estates has been identified as one possible funding option. Burnham has said no funding option is off the table and that taxes may rise, while he argues the current care system already imposes severe financial costs on vulnerable people. Unite general secretary Sharon Graham warned against making pensioners pay for care reform and urged the government to consider taxing wealth instead. The prospect of a change has divided Labour figures and revived concerns about the adequacy of pensioner support.
Key Points
1
Burnham’s proposed social-care system is described as a multibillion-pound, NHS-style service that would be free at the point of use.
2
Unite general secretary Sharon Graham said the UK spends the joint-lowest share of GDP on pensioners among G7 countries, arguing that pensioners should not be made to fund care reform.
3
Burnham’s father died with Alzheimer’s disease earlier in the month, a personal context for his stated determination to tackle the social-care crisis.
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In the same conference speech, Burnham was also expected to set out plans for greater public ownership or control of water, energy and housing, and promise to raise defence spending to 3.5% of GDP by 2035.
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