Triple lock raid to cost OAPs £15billion: Burnham savaged by union chief for hitting poorest to help pay for care reforms
Andy Burnham announced that the state pension triple lock would be scrapped in 2030 to help fund a new National Care Service. The change would remove the link to earnings, slowing pension increases and prompting criticism that pensioners with low incomes are being asked to pay for social care reform.
Government sources estimate the change could save £15 billion a year by 2040, or £1,136 per pensioner, though savings in the early 2030s would be far smaller and would not cover the care plan’s costs. The service would fund personal care but not care-home accommodation, so some people may still need to sell their homes. Union leader Sharon Graham called the move morally wrong, while Labour figures and opposition politicians warned of political damage and further tax rises.
- The triple lock is due to end in 2030 to help fund social care.
- Savings are forecast to reach £15 billion a year by 2040.
- Critics say pensioners will lose security and more taxes may be needed.