UK's Burnham says pension triple lock to be adjusted in 2030

UK's Burnham Announces Pension Triple Lock Changes Starting 2030

Key Details of the Pension Triple Lock Adjustment

Announcement at Labour Party Conference

LIVERPOOL, England, Sept 29 (Reuters) - British Prime Minister Andy Burnham said on Tuesday that the state pension triple lock would be adjusted from April 2030, after the next general election, with savings from the change used to help fund a national care service.

Commitment to Current Pension Policy

Speaking at the annual Labour Party conference, Burnham said his government would honour the party's manifesto pledge to keep the triple lock unchanged throughout the current parliament, which he said would "take the state pension to a record high."

Impact on State Pension Value

From 2030, if he wins the next election, he said the pension would continue to rise every year by at least inflation or 2.5% and would maintain its value relative to earnings over time, "so that pensioners will always share in the rising prosperity of the nation".

Additional Support for Pensioners

Tax Relief and Care Service Funding

Burnham said low-income pensioners would not pay income tax during the current parliament and added that the changes meant pensioners would receive a state pension that rises every year and face no care charges, while generating significant savings for the country to build up a national care service.

Reporting and Editorial Credits

(Reporting by Alistair Smout, Andrew MacAskill and William James, writing by Sam Tabahriti; editing by Sarah Young and Kate Holton)