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Future pensioners face a £1,600 hit under Burnham's plan to cut the triple lock from 2030, new analysis finds

Future pensioners face a £1,600 hit under Burnham's plan to cut the triple lock from 2030, new analysis finds

Hymans Robertson projects the state pension will reach £33,500 by 2050 instead of £35,100 under Prime Minister Andy Burnham's plan. From April 2030, average earnings will be dropped as a guaranteed measure. Pensions would then rise by at least inflation or 2.5%. Burnham claims around £50bn a year in savings by 2049 for a free National Care Service, but the advisers say it could be half that if growth is low.

The current lock will still push the state pension up by almost £500 from April.

Burnham told Labour conference: 'I'll be honest', promising the lock stays unchanged this Parliament.

Hymans Robertson's Calum Cooper says spending could fall by as much as 4.6% by 2050.

MoreThe IndependentPensioners to lose £1,600 under Labour’s plans to scrap triple lock, new analysis showsiNewsHow much your state pension could be by 2050 under Burnham’s triple lock cutThe TelegraphState pensioners face £1,600 hit under triple lock changesLondon Evening StandardPension triple lock changes: Everything you need to know as pensioners 'face £1,600 hit' - London Evening StandardGB NewsState pension could reach £33,000 a year by 2050 under triple lock shake-upDaily RecordState Pension
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