UK Prime Minister Andy Burnham Announces End to Triple Lock, Calls for Tax Roadmap

During his speech at the Labour Party conference, Prime Minister Andy Burnham revealed that the state pension triple lock will be modified from 2030, with the average-earnings metric eliminated and the system moving to a "double lock" based on inflation and a 2.5% floor. Hargreaves Lansdown’s head of retirement analysis, Helen Morrissey, called on ministers to provide a stable, five-year tax roadmap outlining rules on tax-free cash, pension relief and other retirement-planning factors.

She emphasized that individuals should continue to save into workplace or private pensions early, as the best safeguard against any state-pension changes. The government assured that pension increases will still track wage growth over the long term. Current pension tax relief offers a basic 20% credit, with higher earners eligible for additional relief, and up to 25% of pension pots can be withdrawn tax-free, subject to a £268,275 cap. The state pension age is also set to rise to 67 in monthly steps between April 2026 and April 2028.