How much triple lock change will impact current - and future - pensioners

People approaching retirement are likely to be among the least affected by Andy Burnham's proposed overhaul of the state pension triple lock, according to new analysis from investment platform AJ Bell.

The prime minister has pledged to keep the triple lock in place until the end of this parliament.

After that, from April 2030, state pension increases will be calculated under what he has described as an "adjusted" triple lock.

While details have yet to be formally announced, the proposal is expected to retain the inflation link and the 2.5% minimum increase, but change how earnings growth is factored into annual rises.

AJ Bell says anyone who has recently started claiming the state pension is unlikely to see a significant impact for many years.

"For someone who has just started claiming the state pension at age 66, they could be 84 and a half years old before they face a gap of between £500 and £600 in today's prices," Sarah Coles, its head of personal finance, said.

Average life expectancy at age 65 is around 85 for men and 87 for women, she added, meaning it will "take a significant period for the gap to build to this level".

Coles stressed the state pension would continue rising under the proposals and remain protected against inflation.

"Ultimately, what this all means is that the state pension will keep going up and will be protected from inflation," she said. "But over time it won't ratchet up in the way it has under the current triple lock."

The estimates are based on available information and could change once the government publishes full details of its plans.

For younger workers, AJ Bell argues the key advantage is time.

Coles said those with many years until state pension age had "time to make a plan to fill any potential gaps in your retirement income" and could boost retirement savings through workplace and personal pensions.

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She said savers should check what they are on track to receive in retirement and consider whether they can put "a little more aside each month".

An extra £24 a month into a workplace pension over 15 years could be enough to offset a £600 annual retirement income shortfall, according to AJ Bell's analysis.

(c) Sky News 2026: How much triple lock change will impact current - and future - pensioners