Theresa May has defended her party’s record on pensions when pressed on the matter by a BBC reporter although, in doing so, she made no mention of the controversial triple lock policy.
Speaking at a toothpaste factory in her constituency of Maidenhead on Friday, the prime minister defended the Conservative’s record on pensions, which has included the introduction of pension freedom from 2015 and, as part of the coalition administration five years earlier, the triple lock.
May (pictured) said: “Look what the Conservatives in government have done. Pensioners today are £1,250 a year better off as a result of action that has been taken.
“We were very clear about the need to ensure we support people in old age and that’s exactly what we’ve done.”
Though not explicitly pressed on the triple lock – the mechanism that has guaranteed an annual rise in the state pension since 2010 – the Conservative leader made no mention of the policy, leading to speculation it could be abandoned in the party’s manifesto.
In his Autumn Statement last year, Chancellor Philip Hammond announced the government’s intention to keep the triple lock until the end of the current parliament, which was expected to be 2020 at the time.
And, according to the BBC, Hammond also avoided answering questions on the triple lock on Friday, explaining voters would have to “wait and see” what the party’s policy will be.
Earlier this month, before the snap election was called, Labour promised to keep the pension triple lock until 2025 and it is sticking to the pledge, despite many in the industry calling for its abolition.
Shadow Chancellor John McDonnell said: “Theresa May’s refusal to commit the Tories to maintaining the pensions triple lock only further proves the Tories are abandoning older people. It’s now clear pensions protections are now in jeopardy.
The triple lock ensures the government increases the state pension each April by the higher of growth in average earnings, the Consumer Price Index or 2.5%.
The Liberal Democrats, UKIP and Green Party have yet to address the topic so far at this early stage in the campaign. Party manifestos are expected to be published in the coming weeks ahead of the June 8 General Election.
The government’s report on the state pension age is due at the beginning of May, and the outcome could provide more tricky pension policy terrain for the Conservatives heading into the last month of the election campaign.
In his report on the state pension age, John Cridland recommended the triple lock guarantee be ended in the next parliament and suggested bringing the state pension age forward to 68 over a two-year period – starting in 2037 and ending in 2039 – which would mean anyone currently under the age of 45 having to work for an extra year.
He also suggested there should be no move in the state pension age from 68 to 69 before 2047 at the earliest and that the pension age should never rise by more than one year in each 10-year period.
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