A DWP minister has explained the 'most important thing to know' about major changes planned to the UK state pension system. Torsten Bell, who the Daily Telegraph says masterminded Prime Minister Andy Burnham's new pension plans, is pushing to explain to the public what is happening with the new reforms.
They will end the current so-called triple lock policy that sees the state pension rise each year by the highest of inflation, earnings or 2.5 per cent. The minister's publicity drive is aiming to show why the government is making the changes as opponents say pensioners are being targeted in a bid to save money.
Minister's video message
In a new video posted on X, Mr Bell ignored critics of the scheme and instead set out what he said was 'the most important thing to know' about the reforms. Mr Bell said: "The state pension is really important. So, let me explain what's going on with it. The most important thing to know is that every single year the state pension is going to keep rising. At the moment, that happens through what's called the triple lock.
"So, each year it rises by the highest of earnings, inflation, or 2.5%. That's what we've promised to do all the way through this parliament, and we're going to keep that promise. That means by April 2029, the state pension will have hit a record high relative to wages. That's really good news."
Changes after 2029
He then explained what the changes are and why he thinks they are needed. "After that, we're going to change the way we deliver those rises, but still make sure there's a big chunky rise every single year," he said. "And we're going to do that by adjusting the triple lock. That will mean that each year the state pension will rise by the highest of 2.5%, inflation or how much it needs to to keep to that record high relative to wages that it will have hit at the end of this parliament.
"Why are we doing that? To make sure that we can promise you the state pension will always be there, that it's sustainable, but also and really importantly, to make sure we get a rise every single year that protects pensioners against rises in the cost of living and make sure that they share in the benefits of a growing economy over time.
"That's what our plan is. Still a triple lock and it will see pensioner poverty keep falling in the years ahead. The state pension matters to all of us. Whether you're a pensioner today today or we're looking forward to being one tomorrow."
Triple lock not ending
Earlier this week, the minister stressed that the triple lock is not ending amid reports that a new double lock covering inflation and 2.5 per cent would be used to uprate the state pension each year when the reforms kick in. He said this was 'wrong'.
The Swansea West MP said: "This has been the cause of the longest WhatsApp exchanges I have had, with podcasters, Today Programme presenters and the rest. Some have wrongly claimed the new policy is a double lock - to be fair largely because the earnings part of the adjusted Triple Lock isn't the simplest bit of public policy ever."
Instead, he said the plan would see the state pension "rise every year by at least the highest of inflation or 2.5%, plus anything more required to ensure the State Pension retains that 2029/30 record high value relative to earnings," he said.
Burnham's reform plan
Prime Minister Andy Burnham set out his plans to reform the state pension last month at Labour Party conference. He said the savings from the changes would fund a National Care Service.
Mr Burnham wants to reform to to fund an NHS-style care service in England. His reform would end the triple lock’s automatic link with increases in average earnings. But officials in Whitehall say it will go up by more than this if needed in some years to ensure it holds its value relative to earnings.
Political reactions
Appearing on Times Radio on Tuesday, Tory leader Kemi Badenoch said: "I have said that the triple lock is our policy and it remains our policy. I don’t think going after pensioners is the right thing when there are loads of people who can work, who won’t work."
She added: "When we are going to reverse Labour’s policies, I say we are going to reverse their policies. I have said that we are keeping this policy, but if they take that money and they spend it on something that we can’t get it back from, then it would be difficult for me.
"What I’m not going to do is lie to your listeners just so I can get votes. I tell the truth and I say the triple lock is our policy and we’re keeping it.
Nigel Farage has said he does not back the reforms. "By potentially scrapping the triple lock, Andy Burnham will abdicate his responsibility to British pensioners", the Reform UK leader said.
