Tories could keep pension triple lock pledge, hints May

THERESA MAY is refusing to rule out keeping the “triple lock” guarantee to increase the state pension after ministers admitted that it was unlikely to cost the Government any extra money.

A survey yesterday by Old Mutual Wealth indicated a third of over-55s would be less likely to vote Conservative if the commitment was dropped.

The Prime Minister has been under pressure over whether the commitment to increase the pension by a minimum of 2.5 per cent a year will be written into the Conservative election manifesto. Labour has already committed to maintaining the triple lock.

Mrs May was yesterday put on the spot over pensions by Angus Robertson, the SNP leader in the Commons, at Prime Minister’s Questions. But she replied: “I am clear that under a Conservative government, pensioner incomes would continue to increase.”

The triple lock – introduced by David Cameron – increases state pension payments annually by either inflation, average earnings growth or 2.5 per cent, whichever is highest. There has been pressure to drop it, as in recent years pensioners earnings have outstripped those of people in work.

But ministers have told The Daily Telegraph that dropping the triple lock is unlikely to save any money because inflation is forecast to be above 2.5 per cent over the next few years, which means it would not come into force.