Union Leader Warns Against Scrapping Pension Triple Lock

Unite the Union general secretary Sharon Graham has stated that scrapping the pensions triple lock would be "morally wrong." Her comments come as Prime Minister Andy Burnham prepares to deliver his first speech to Labour conference, intending to outline his vision for a social care system that is free at the point of use.

Speculation is mounting regarding how such a care system could be funded, with the potential removal of the pensions triple lock being discussed. However, Labour's deputy leader Lucy Powell affirmed the party's commitment to the triple lock, which was included in the party's 2024 manifesto.

The triple lock, established 16 years ago, mandates that state pensions increase annually in April by at least 2.5%, or in line with the highest of inflation or average earnings. Graham drew a parallel between potentially cutting the triple lock and the "unpopular removal of the Winter Fuel Allowance" under a previous prime minister, suggesting it would target pensioners who receive modest incomes.

"Instead of going to try and pick the pocket of pensioners, we need to move over to the other side of the equation and think about things like wealth taxes way before we try to stop something like the triple lock," Graham said. She emphasized that targeting individuals receiving around £12,500 annually for their state pension and removing their security would be a grave error, particularly given that current pensions are the lowest among G7 countries.

Powell reiterated the manifesto commitment, stating, "I can absolutely assure your viewers watching this that we are committed to the triple lock, it's in our manifesto." She highlighted the current benefit of the triple lock, estimating it would increase the value of the state pension by approximately £2,000 annually over the course of the current parliamentary term.

Alan Milburn, a former Labour minister leading an independent review on young people and work, suggested that Burnham is the type of leader who would make difficult decisions, including potentially scrapping the triple lock to fund social care. Speaking on a BBC podcast, Milburn commented that while the social care system is indeed broken, Burnham is "exactly the sort of person who can take the big decisions" and is "prepared to make" such calls.