Scrap state pension triple lock to fund social care, Burnham told

Scrap state pension triple lock to fund social care, Burnham told The state pension will rise nearly £500 next year - Bookmark - CommentsGo to comments Become an Independent member to bookmark this article Already a member? Log in Andy Burnham has been told to scrap the state pension triple lock to fund a costly social care system that he wants to creat. The prime minister has suggested “nothing was off the table” when it came to finding a route to providing the expected £18bn annual cost for that new national care service, but also that it would have to wait until the next election so that he did not break Labour’s manifesto pledge. However, a growing suggestion is that the state pension would be one route to fund it, given its own ballooning cost which is predicted to hit more than £15bn per year by 2030. Darren Jones, the former chief secretary to the prime minister, said the triple lock option was “interesting” and potentially a route for sending support to pensioners in an alternative way. “An interesting thought, maybe the triple lock is very expensive in the years ahead and there’s a benefit to older people. If you’re reallocating money to help older people in the social care system, maybe there’s some reform that could be made there,” he said to the BBC. “You can’t just keep taxing and spending more and you can’t just keep borrowing more, so you’re going to have to swap something out if you’re going to start putting money in this way.” Lord Blunkett, a former work and pensions secretary, told The Telegraph that Mr Burnham should look to axe the triple lock more quickly, potentially raising up to £22bn by 2030. The triple lock means the state pension rises each year by the highest option out of 2.5 per cent, inflation or wage growth. This year, the latter is highest at 3.9 per cent, equating to a full state pension rise of nearly £500 which will come into effect from April 2027, making the state pension income potentially taxable for the first time for some people. Get a free fractional share worth up to £100. Capital at risk. Terms and conditions apply. ADVERTISEMENT Get a free fractional share worth up to £100. Capital at risk. Terms and conditions apply. ADVERTISEMENT Removing the triple lock could lower the amount that future years rise by, thereby lowering in turn the total outlay needed by the government. How much that would see pensioners miss out on would depend on the remaining criteria by which the state pension rises, but it is expected that billions would be saved annually if changed were introduced. Speaking on BBC on Sunday, Mr Burnham added: “As health secretary I remember saying ‘we shouldn’t let what happened to my grandparents’ generation happen to my parents’ generation’, and it’s devastating actually to be here, and it has happened.” He is expected to outline the “broad direction” of his care plans at the Labour Party conference speech this week. Wes Streeting, however, pointed to the prime minister’s previous comments to suggest such a switch was improbable, albeit his comment was regarding funding defence rather than care. “Your point on the triple lock – the manifesto was clear on this. We're committed to the triple lock, and Andy Burnham has been clear that. we are standing by our manifesto. So I hope that's clear,” he said. Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments