Ministers defend plan to downgrade state pension triple lock
What happened
Pat McFadden defended a plan to downgrade the state pension triple lock, calling the change the 'right answer to a difficult question'. The proposal, which originated from Andy Burnham, aims to save an estimated £15 billion annually for national social care. Under the new plan, the earnings link for the state pension would be reduced from 2030, pegging the level to a proportion of average incomes. Helen Whately warned that the proposal was a 'U-turn waiting to happen'.
From dailymail.com
Why it matters
The plan involves legislating a structural change to the state pension, which currently increases based on the highest of inflation, earnings, or 2.5 per cent. The government is proposing this change to help fund a new NHS-style social care provision.
From dailymail.com
Who's involved
- Pat McFaddenWork and Pensions Secretary defending the controversial downgrade plan
- Helen WhatelyShadow Minister warning against the proposal
- Andy BurnhamPolitician whose plan to create social care provision is being defended
- Department for Work and PensionsGovernment agency responsible for administering the state pension
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Department for Work and PensionsSpeculative
The Department for Work and Pensions might face changes in its administrative costs related to the pension structure.
- ToriesSpeculative
The Tories might see increased investment in national social care services due to the projected £15 billion annual savings.
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The entities involved
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Helen Whately
British politician
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Pat McFadden
British politician (born 1965)