How Triple Lock pensions stance could be the key to General Election success | Personal Finance | Finance
Protection for the income of pensioners is vital to winning votes of the over 40s as they contemplate their finances in old age, according to new research seen by the Express.
A study has revealed that the Triple Lock on pensions, which guarantees protection against rising bills, is widely popular and any decision to do away with it would be disastrous at the ballot box.
The Triple Lock includes a promise that the state pension should rise in line with the highest figure looking at three measures – the CPI measure of inflation, a figure of 2.5 percent or wages growth.
In recent years, the spiraling rate of inflation has delivered some striking increases in the state pension and some 66 per cent of people said this had been one silver lining to the squeeze on household finances.
High inflation saw the state pension rise by 10.1 percent in April 2023, which was followed by another big increase of 8.5 percent in April this year.
An independently commissioned survey of 1,295 UK adults over 40 has found:
* 57 percent feel that if the Triple Lock pension were scrapped it would be damaging to their financial plans for retirement.
* 51 percent said that a political party’s commitment to maintaining the Triple Lock pension would significantly influence their voting intentions.
* Only 23 percent think that the Triple Lock is a burden on state finances.
Latest projections suggest the rise in April next year will be in line with wage growth of 5-6 percent. This would be converted to a cash increase of around £650 taking the annual figure over £12.000.
The new research was commissioned by My Pension Expert whose Policy Director, Lily Megson, said: “The verdict’s in. By in large, over-40s are in support of the government’s Triple Lock policy and the protection it affords their future finances.
“Indeed, over half indicate that it will sway their decision-making when the time comes to cast their ballot next month.”
She added: “Both the Conservative and the Labour parties’ election manifestos have committed to upholding the Triple Lock, highly reflective of an electorate that’s laser-focused on pension stability.
“But what comes next will be even more critical; our next government must follow through with their policy promises to voters to help Britons achieve the retirement they so sorely deserve.”
