The Newshound

State pensioners face a £1,600 hit under the Government's plan to replace the triple lock from April 2030

State pensioners face a £1,600 hit under the Government's plan to replace the triple lock from April 2030

Pensions consultancy Hymans Robertson projects the state pension could reach around £33,000 a year by 2050, still below what today's triple lock would pay. Its modelling suggests the adjusted lock could cut state pension spending by up to 4.6 per cent by 2050. Andy Burnham's decision to scrap the triple lock in 2030 has drawn scrutiny from former immigration minister Tom Pursglove. The savings come out of retirees' pockets.

A new 'State Pension Explorer' tool lets savers compare payouts under both systems.

Calum Cooper, the consultancy's pensions policy chief, hailed 'a clear commitment to transform' the system.

Final payouts will hinge on future inflation, wage growth and the wider economy.

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
Read today's full feed at The Newshound →