Why reforming the pension triple lock is ‘electoral suicide’
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Why reforming the pension triple lock is ‘electoral suicide’
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It’s long been seen as politically untouchable – but Andy Burnham has finally fired the starting gun on reforms to the state pension triple lock.
First brought in by David Cameron’s coalition government, the measure of increasing pension payments by the higher of inflation, average wage rises or 2.5% a year was introduced to offset years of underfunding.
But the new prime minister has used his first party conference speech as Labour leader to put the triple lock on the negotiating table – against the wishes of the unions, opposition parties and plenty of his own supporters.
So, how does the triple lock work and what could take its place? What is the cost to the country and is reforming the system as straightforward as it appears?
Niall Paterson is joined by Claire Moffat, a pension and tax expert at Royal London.
Have you got a question for Niall? Email us: why@sky.uk