Andy Burnham confirms new £1,002 state pension plan

Labour has confirmed major changes to UK state pension payments for 2027 under the so-called triple lock. The full state pension will rise to £1,002 every four weeks from April 2027, taking the annual figure to just over £13,000. This pension applies to people who retired from 2016 onwards. The old basic state pension will be worth £768 per month, just under £10,000 a year. The triple lock ties increases to the highest of inflation, wage growth or 2.5%, with wage growth expected to drive rises again in 2027. Andy Burnham also plans to adjust the triple lock later, removing the link to earnings at least from 2030.