Triple Lock pledge lays down gauntlet

WELL, the election chess board is well and truly out with Jeremy Hunt sending us on our Easter holidays with the confirmation that if the Tories are re-elected, they would maintain the Triple Lock for pensioners. His opposite number, Rachel Reeves was far more coy, saying that we would have to wait until the Labour Party manifesto.

As a pensioner, I was naturally delighted to hear Hunt’s news. He also laid down the gauntlet to Labour, for should they not confirm present support, they would stand a good chance of losing votes at the ballot box. Although the polls are currently suggesting they will win a thumping election victory, one or two unhelpful suggestions could suddenly make life less certain.

However, I have been listening to the comments of Paul Johnson, of the Institute of Fiscal Studies, who warns about the increase cost of providing State pensions as the number of pensioners increase, and the army of actual workers diminishes. There could be a time when the Government of the day takes the view that the Triple Lock is not affordable.

This eventuality needs to be taken very seriously by the younger generation who will, I am afraid, have to be prepared to put increased sums aside and carefully invest for their old age.

Already, Government has indicated that by the end of 2028, the pension age will rise to 67 for everybody. To be really gloomy, the current falling birth rate, coupled with increased life expectancy means that a government in the future may have to consider retirement age at 71!

There are those who, like me, thoroughly enjoy their work and get job satisfaction, but there are others who have medical restrictions for whom an extended working life is impossible. To put it bluntly, those who are able, will have to support those who are unable, and that will push up overall costs in the years to come.

For the time being though, I am delighted the Tory party has made the commitment and have a feeling that Labour will be electorally prudent and follow suit. However, this coming election could well be complicated by the Lib Dems who wish to return to Europe, plus Reform UK and others. A hung Parliament is a possibility and then all bets could be off.