How the triple lock is changing as cost to future pensioners is revealed

• Labour has announced plans to adjust the state pension triple lock from 2030, which analysis suggests could cost future pensioners £1,600 annually by 2050.
• The policy change will remove average earnings as an automatic metric, instead increasing pensions by at least inflation or 2.5 per cent while maintaining relative earnings value.
• Andy Burnham pledged to maintain the existing triple lock until 2030, after which the expected savings are intended to help fund a free social care system.
• Analysis by Hymans Robertson indicates that projected annual savings of £50bn could be halved if economic growth is low, placing greater emphasis on private pension savings.
• The Department for Work and Pensions defended the proposed changes, stating the adjusted triple lock will ensure state pensions remain sustainable while continuing to rise.

IN FULL

Pensioners to lose £1,600 under Labour’s plans to scrap triple lock, new analysis shows