The state pension triple lock will be replaced with an "annual double lock" after the next general election, Prime Minister, Andy Burnham, has announced, with the earnings link removed from the annual uprating mechanism as part of plans to fund a new National Care Service.

Speaking at the Labour Party Conference today, Burnham confirmed that the existing triple lock would remain in place for the rest of this parliament, but would be changed from April 2030 if Labour wins the next general election.

Under the proposed system, the state pension would increase each year by the higher of inflation or 2.5%, rather than the current highest of earnings growth, inflation or 2.5%.

However, Burnham said the state pension would continue to maintain its value relative to earnings over the longer term, "so that pensioners will always share in the rising prosperity of the nation".

The announcement goes further than earlier expectations that the government would review the future of the triple lock, setting out a proposed replacement mechanism ahead of the next election.

Burnham continued: "This change will generate significant savings, which we will use to build up our National Care Service.

"Some may not realise it, but older people with nothing more than the state pension or only a little more can find themselves paying care charges today.

"Under my plan, this will no longer happen."

The Prime Minister stated that the proposed National Care Service would operate on similar principles to the NHS, with care free at the point of use and no care charges paid out of the basic state pension.

He said the government would begin laying the groundwork for the service during the current parliament, before introducing it in the next, with Baroness Louise Casey’s review expected to inform its design.

Burnham also stressed that the service would be fully funded rather than financed through additional borrowing.

"There’s only one real answer. A person-centred, high-quality care service that starts in the home," he said.

“A system in the best traditions of this party where everyone contributes, and everyone is covered. Free at the point of use and no care charges paid out of your basic state pension.”

The proposed change represents a significant departure from the current triple lock, and Burnham acknowledged that reforming the guarantee could carry a political cost.

"Conference, I won’t pretend some of this won’t be difficult," he said.

"I accept I may pay a political price. But someone has to go through the pain barrier and rip the plaster off."

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