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.
#Triplelock #pension #news #AndyBurnham #politics #retirement #UK
Have you got a question for Niall? Email us: why@sky.uk
SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews
Follow us on X: https://twitter.com/skynews
Like us on Facebook: https://www.facebook.com/skynews
Follow us on Instagram: https://www.instagram.com/skynews
Follow us on TikTok: https://www.tiktok.com/@skynews
For more content go to http://news.sky.com and download our apps: Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8 Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB
Why not listen to one of our podcasts? This is Why, available for free here: https://podfollow.com/thisiswhy or Ed Conway’s Stuff Matters, available here: https://podfollow.com/stuff-matters
To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales
