Triple Lock Pension Under Threat

There is concern over whether Thersa May will maintain the triple lock protection on the value of the state pension – after the former pensions minister joined one of the Prime Minister’s most senior advisors in calling for it to end.

Protecting the state pension was a key promise repeatedly made by the No campaign during the independence referendum.

ABC Comment: “The state pension is a key part of our social security system, and pensioners deserve to be reassured that the value will not shrink over time – that’s what the triple lock is all about.

The former pensions minister, Baroness Altman, earlier said its costs would become "enormous" - and proposed a "double lock" instead.

A Downing Street spokesperson said it was still committed to the policy.

"The manifesto contains a commitment to protect the triple lock. That commitment still stands," the spokesperson said.

In their 2015 election manifesto, the Conservatives promised to extend the triple lock until 2020. 

The Pension Advisory Service points out the 'triple lock', which increases the state pension each year by the higher of inflation, the increase in average earnings or 2.5%.  

David Cameron says that he intends to maintain the triple lock until at least 2020, if the Conservatives won the next election. 

The coalition government began the triple lock in 2010.  From April 2014, the basic state pension will be around £440 a year higher than it would have been if it had been increased in line with the increase in average earnings. 

In April 2013, the state pension increased by 2.5%, as this was higher than inflation or earnings, giving an extra £2.70 a week and raising the full basic state pension to £110.15 a week.