Rishi Sunak told ‘triple lock’ has kept pensioners ‘afloat’ during cost-of-living crisis as PM is warned by charities he’s putting millions of votes at risk by failing to guarantee it will remain
Charities have warned Rishi Sunak he is putting millions of votes at risk by failing to commit to keeping the state pensions ‘triple lock’ in the next Tory manifesto.
The Prime Minister has been told the measure – which was first introduced in 2010 – has kept some pensioners ‘afloat’ during the cost-of-living crisis.
The triple lock sees the state pension rise each April by whatever is highest out of average earnings, inflation, or 2.5 per cent.
Mr Sunak has committed to the triple lock for the next state pension rise, which means retirees are on course for an 8 per cent boost to their payments.
But the PM has not committed to maintaining the triple lock over the long term, with Mr Sunak failing to confirm if it will remain a Tory pledge at the general election.
Rishi Sunak, who attended the G20 summit in India over the weekend, has failed to commit to keeping the state pensions ‘triple lock’ in the next Tory manifesto
The Prime Minister has been told the measure – which was first introduced in 2010 – has kept some pensioners ‘afloat’ during the cost-of-living crisis (file pic)
Caroline Abrahams, of Age UK, said pensioners were ‘waiting nervously’ ahead of the general election
Speaking to reporters during his recent trip to the G20 summit in India, Mr Sunak said: ‘We’re not going to speculate on the election manifesto now.
‘I’ve got plenty to get on with between now and then. But the triple lock is the Government’s policy and has been for a long time.
‘I’m not going to get into our manifesto now but the triple lock has been a longstanding policy for us.’
The PM’s failure to give a continued commitment to the triple lock has prompted concern among charities and pensioner campaign groups.
Caroline Abrahams, of Age UK, said: ‘Older people told us they were relieved when the current Government confirmed the triple lock would stay in place during this Parliament.
‘But, of course, that now has only another 14 months or so to run, at most.
‘Over the last year we have all seen what a positive impact the triple lock can make, since while life is still financially very tough for anyone who is solely or mostly dependent on their state pension, it would have been a lot worse without it helping to buoy up their incomes.
‘It’s no exaggeration to say that at a time when inflation is high, for some older people the triple lock has made the difference between them staying afloat financially and going under completely.’
She added: ‘On the one hand it is understandable if politicians are reluctant to disclose their manifesto commitments until closer to election time, but on the other they need to understand that many older people are waiting nervously to see what all the parties decide to pledge.
‘For pensioners on low and modest incomes especially, the future of the triple lock matters hugely.’
Jan Shortt, general secretary of the National Pensioners Convention, said: ‘There are 12.5 million pensioners who are constantly left wondering whether their meagre pensions will receive the value of the triple lock or anything at all.
‘The huge majority of these are not wealthy pensioners, nor are they taking something they haven’t paid for in their years of work.
‘Older people still contribute £160billion to the Treasury and this will rise as more pensioners are brought into the tax bracket by the freezing of the tax threshold until 2028.
‘We are still struggling with higher energy and food bills (two of the largest outgoings for pensioners after housing costs).
‘It’s time that politicians stopped navel gazing and commit to a better future for today’s and tomorrow’s pensioners.’
Dennis Reed, director at Silver Voices, said: ‘Labour and the Conservatives seem to be playing an elaborate game of “show me yours, and I’ll show you mine” over their manifestos. If one includes the triple lock, the other will do the same.
‘How insulting this is to millions of older people who want to see a principled commitment from all political parties – 12.5 million older votes are at stake, so politicians need to get this call right.’
Since it was introduced in 2010, the triple lock has only ever been suspended once – in 2022-23 when wage data was distorted by the Covid pandemic.
Pensioners remain on course for a large increase next year after figures showed annual growth in employees’ average total pay, including bonuses, was 8.2 per cent between April to June.
Next April’s rise in the state pension will be calculated using inflation data from September, published in mid-October, and average earnings growth from May to July this year, which will be known tomorrow.
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