The decision by the new PM to scrap the pensions Triple Lock in its current form is potentially a political master-stroke. For those relying on the State Pension, however, it’s less good news.

Financial Planners have welcomed Prime Minister Andy Burnham’s announcement yesterday that he plans to axe the Pensions Triple Lock from 2030.

The State Pension looks set to rise by 3.9% next April after the average earnings figure for the three-month period ending July 2026, published by the ONS today, came in at 3.9%.

The next Prime Minister has been urged to address the long-term sustainability of the State Pension Triple Lock.

A think-tank run by former prime minister Tony Blair has gained headlines by urging the government to scrap the pensions triple lock.

The Treasury has confirmed that it will increase the State Pension by 4.8% for 2026/27 in April under the earnings trigger of the Triple Lock mechanism.

The State Pension is set to rise by 4.8% in April - higher than the 4.7% predicted only a month ago - due to the Triple Lock mechanism, according to a forecast from former Pensions Minister Sir Steve Webb.

The State Pension could climb by more than £550 next year thanks to the triple lock, as earnings growth outpaces inflation.

The restricted remit of the new Pensions Commission will limit its ability to deal with the scale of the problem, according to LCP partner and former Pensions Minister Steve Webb.

The State Pension is expected to rise next year by 4.1% under the Triple Lock guarantee.

An estimated 340,000 more pensioners will pay income tax on their State Pension next year due to the Triple Lock pushing up the State Pension above inflation.