What is the Triple Lock? Confusion as Labour deputy says party 'is committed' to pension scheme
Lucy Powell tells LBC that Labour is committed to Triple Lock, despite reports that Andy Burnham could scrap it
Lucy Powell has told LBC that Labour is committed to the Triple Lock pension scheme despite reports Andy Burnham will use his conference speech to announce its end.
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The Prime Minister will deliver his keynote speech at the Labour Party Conference on Tuesday and has been tipped to signal the end of the pensions Triple Lock.
However, his Deputy Labour leader Ms Powell told Nick Ferrari at Breakfast: "We are absolutely committed to the triple lock, it's in the manifesto... the bigger conversation about how we're going to tackle social care, that's a longer term conversation we will have."
The head of the Unite union told LBC this morning she would 'caution' Mr Burnham against making changes to the pensions triple lock
Sharon Graham said the prime minister would be "going to the wrong place to save money" to pay for social care reforms.
Here is what the Triple Lock is and whether it could be scrapped.
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What is the Triple Lock?
The Triple Lock is a safeguarding scheme in which the value of the pension will increase every April in line with whichever of the following is highest: inflation, the increase in the cost of wages, or 2.5%.
It was introduced in 2010, and last year saw a 4.8% increase, which was the rise in earnings, which was above the rise in inflation.
Could Andy Burnham get rid of the Triple Lock?
Emma Reynolds, chief secretary to the Treasury, has told Nick Ferrari on LBC: “The Prime Minister has made clear that we’re not getting rid of the Triple Lock."
Previous Chancellor Rachel Reeves had said that the Labour government would be getting rid of the Triple Lock during the current Parliament.
How much is the state pension?
As of April 2026, the flat rate for a state pension for those who have reached the retirement age after April 2016 is £241.30 per week, while anyone who reached the age before April 2016 receives £184.90 per week.
When will I reach pension age?
The statutory pension ages are:
- 6 April to 5 May 1960 - 66 years and 1 month,
- 6 May to 5 June 1960 - 66 years and 2 months,
- 6 June to 5 July 1960 - 66 years and 3 months,
- 6 July to 5 August 1960 - 66 years and 4 months,
- 6 August to 5 September 1960 - 66 years and 5 months,
- 6 September to 5 October 1960 - 66 years and 6 months,
- 6 October to 5 November 1960 - 66 years and 7 months,
- 6 November to 5 December 1960 - 66 years and 8 months,
- 6 December 1960 to 5 January 1961 - 66 years and 9 months,
- 6 January to 5 February 1961 - 66 years and 10 months,
- 6 February to 5 March 1961 - 66 years and 11 months,
- 6 March 1961 to 5 April 1977 - 67
What is pension credit?
Pension credit gives those of retirement age extra money to help with your living costs if you’re on a low income.
"Pension credit can also help with housing costs such as ground rent or service charges," the government states.
It is separate from your State Pension, and you can get it even if you have other income, savings or own your own home.