Prime Minister Andy Burnham said the triple lock on the state pension would be replaced in 2030 by a “double lock”, which would raise payments by whichever is higher: inflation or 2.5 per cent. The change matters because millions of pensioners rely on the state pension for much of their household income, and the article argues that slower increases could weaken its purchasing power over time.

The triple lock, introduced in 2012, has raised the pension each year by the highest of earnings growth, inflation or 2.5 per cent, except when it was suspended in 2022. The article says earnings growth set six of the 15 increases since its introduction; this year’s rise is 4.8 per cent, with a likely 3.9 per cent rise next April. It urges current pensioners to review spending and check benefit entitlements, and younger workers to save more, while noting that the state pension age is rising to 67.