PM Burnham unveils divisive plan to change UK pensions
UK Prime Minister Andy Burnham on Tuesday unveiled contentious plans to reform Britain's state pensions system from 2030, a politically perilous move likely to spark intense pushback. In a keynote speech at his ruling Labour party's annual conference, Burnham vowed to end the so-called "triple lock" guarantee to help fund a "landmark" new national care service. The current guarantee sees the annual pension increase by the amount whichever is highest of average earnings growth, inflation or 2.5 percent. The policy was introduced by the Conservative-Liberal Democrats coalition government in 2011 and has survived multiple mooted attempts at reforming it. Burnham, who replaced Keir Starmer in July, said from April 2030 the state pension will instead rise each year by the higher of either inflation or 2.5 percent, removing the link to earnings. The pension "will hold its value relative to earnings over time so that pensioners will always share in the rising prosperity of the nation," he insisted. "But this change will generate significant savings, which we will use to build up ... our national care service," the UK leader added. Arguing it will be as significant as the creation of the cherished National Health Service (NHS) in 1948, Labour will introduce the planned care service if...
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