Andy Burnham, now Prime Minister and Labour MP for Makerfield, has vowed to ensure state pensioners receive at least £12,860 by preserving the Triple Lock policy for the remainder of the parliamentary term.
The Triple Lock guarantees annual state pension increases based on the highest of three measures: average earnings growth in Great Britain, inflation via the Consumer Prices Index (CPI), or a minimum 2.5% rise.
For those with protected payments, the pension increases annually in line with CPI. Burnham’s pledge means pensioners will see at least a 2.5% rise next year, raising the full new State Pension to roughly £12,860 annually.
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Currently, the full new State Pension stands at £241.30 per week, set to increase to around £249.30. Individual pension amounts may vary depending on factors such as contracting out status before 2016, the number of qualifying National Insurance years, or Additional State Pension contributions made before 2016.
Pensions are typically paid every four weeks, resulting in 13 payments annually. Payment dates depend on National Insurance numbers, and pensioners can manage or review their payments on the government’s official website.
Those receiving more than £241.30 weekly—due to Additional State Pension entitlements under old rules—receive a “protected payment” on top of the full new State Pension.
Burnham emphasized the importance of upholding the Labour manifesto’s commitment to the Triple Lock, despite ongoing public debate. Responding to a Reddit user questioning whether the Triple Lock should be abolished or reconsidered, Burnham stated: “I appreciate there’s a lot of debate about this but it is important that the commitment in the manifesto stands.”
This reaffirmation signals a strong dedication to securing pensioners’ incomes throughout Burnham’s term as Prime Minister.