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Labour Plans Double-Lock State Pension From 2030

By Drooid · Oct 4, 2026, 10:23 AM UTC · How we work

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Tax-free low-income pensions

Prime Minister Andy Burnham announced at the Labour Party conference in September that the state-pension triple lock will be replaced by a double-lock from 2030.
The government also said low-income pensioners will not pay income tax during this Parliament.
The Institute for Fiscal Studies estimates state-pension spending would drop about £9 bn versus the triple lock.
OBR forecasts £6 bn savings by 2040, with a petition for age 65 gathering 10,000 signatures.

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Pension Inflation Guarantee

Prime Minister Andy Burnham announced at the Labour Party conference that state-pension triple lock will be replaced by a double-lock starting April 2030.
The reform will free money to create a national care service for older people.
Burnham said pensions will rise with inflation or 2.5 % and cut spending by £15 bn annually.
Labour chair Bridget Phillipson urged ministers to back plan; 48 % of YouGov respondents support it.

History

Historical Context

The state-pension triple-lock, introduced in 2011, guarantees the higher of earnings growth, CPI or a 2.5 % floor and has been kept by successive governments, costing about £5 bn a year. Labour leader Andy Burnham proposes a double-lock from April 2030, which the OBR says could save £6 bn by 2040, echoing the original aim to protect retirees while limiting spending.

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Tax-free low-income pensions

Prime Minister Andy Burnham announced at the Labour Party conference in September that the state-pension triple lock will be replaced by a double-lock from 2030.
The government also said low-income pensioners will not pay income tax during this Parliament.
The Institute for Fiscal Studies estimates state-pension spending would drop about £9 bn versus the triple lock.
OBR forecasts £6 bn savings by 2040, with a petition for age 65 gathering 10,000 signatures.

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