Business
What is the triple lock and why are people talking about it?
The triple lock guarantees that the state pension is not overtaken by inflation or wage increases.
BBC Business•
The prime minister has announced plans to scrap the existing triple lock arrangement for the state pension in order to help fund a new plan for social care.
The triple lock currently guarantees that the state pension goes up each year in line with either inflation, wage increases, or 2.5% – whichever is the highest.
Andy Burnham said he would honour the pledge given in Labour's 2024 manifesto to keep the triple lock unchanged in the current Parliament.
It said the cost of the state pension has risen steadily over the past eight decades, and now equates to £138bn, or around half the total amount the government spent on benefits.