Triple lock state pension under threat with policy in danger of being scrapped

Elderly hands holding money

The triple lock pension pay out could be under threat

Holly Bishop

By Holly Bishop

Published: 28/07/2023

- 10:40

Updated: 28/07/2023

- 11:05

'Nobody trusts' Labour on their commitment to the plan, insiders have said

Labour has refused to commit to keeping the triple lock state pension policy in place if it wins power.

It is thought the party will only decide on whether to keep the policy when it knows the state of the finances that it will inherit if they win the next election.

Campaigns however have said that Labour should clearly set out its position on the triple lock, as it is a “clear issue of principle”.

The triple lock is a safeguard that currently applies to UK pensions that ensures spending power will not be diminished over the course of someone’s retirement.

Jonathan Ashworth

​Jonathan Ashworth has refused to recommit to the triple lock, activists allege 


It guarantees that the state pension increases each year by 2.5 per cent, average wages or inflation - whichever is highest.

A Treasury source told the Daily Express: “Labour are all over the shop on this. For the sake of 12.5million pensioners - many of whom rely on the state pension as their sole source of income - Labour needs to clear up the muddle they have got themselves into. They need to urgently clarify their position.

“People don’t believe a word the Labour Party says. Even if they commit to the pensions triple lock today, nobody trusts them. God forbid if they ever get into government, the triple lock will be in their sights.”

Labour insiders have said that the party will only guarantee the policy if the Conservatives commit to it.

Labour Hub, a website of leftist activists, reported on Labour’s refusal to commit to the triple lock.

Keir Starmer

Labour have been criticised for not committing to the pay-out scheme


They said: “Shadow work and pensions secretary Jonathan Ashworth refused to recommit to protecting the triple-lock on pensions, despite the Party having recommitted to just such a policy three weeks ago. The move risks a further backlash against Starmer’s record of pledge-breaking.”

Campaign group Silver Voices said that Labour should commit to the pension pay out regardless of the Conservative’s commitment.

Director Dennis Reed said: “It seems a very short sighted approach from Labour because they ought to be supporting the triple lock on principle, not wavering over whether the Tories have got it in their manifesto or not.

“The reason for the triple lock is to protect pensioners from the vagaries of the economic system. Why they are getting themselves tied in knots over a clear issue of principle amazes me.

“It’s rather insulting for older people that this sort of will they won’t they approach is being adopted.”

Age UK Charity Director, Caroline Abrahams, stressed the importance of the triple lock in helping protect the elderly from financial hardship.

“With the cost-of-living crisis showing no real signs of abating, the importance of the triple lock cannot be overstated,” she added.

Some economists have said they believe it should be scrapped in order to help save the Treasury money.

Saqib Bhatti, Vice Chairman of the Conservative Party, said that only under a Conservative government could pensioners know they will be protected.

“How can anyone trust Labour when it comes to keeping retirees’ incomes safe?” he questioned.

A Labour Party spokesperson said: “We have consistently argued for the Tories to maintain the triple lock. They need to answer why they won’t commit to keeping it?”

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