Triple lock doubles up

Tories and labour commit to annual pensions uplift

THE pensions triple lock has been saved after Labour and the Tories pledged to keep it – days after Jeremy Hunt suggested it could be axed.

The Chancellor was forced to backtrack yesterday as he faced a massive backlash for wobbling over the commitment.

Hunt this week indicated the promise may have to be ditched without cuts to public services and economic growth.

But asked by the BBC’s Laura Kuenssberg whether it would be in the Tory manifesto he said: “I can confirm it will be, yes.”

Pushed on whether the triple lock would remain in place for the full five years of the next parliament, he said: “Absolutely. We made that commitment to pensioners and we think it’s a very important one.”

A Labour spokeswoman said: “Labour is committed to retaining the statepension triple lock.”

Under the triple lock the state pension rises in line with the highest out of 2.5 per cent, wage rises or inflation.

It will go up by 8.5 per cent next month to £221.17 per week.

Hunt also declined to promise compensation for women hit by changes to state pension eligibility, despite pressure from the Women Against State

Pension Inequality campaign. The Parliamentary and Health Service Ombudsman last week found changes to the pension age for women born in the 50s were

not communicated adequately.

It ruled those affected should receive an apology and compensation, suggesting that it would cost between £3.5billion and £10.5billion, although campaigners are pushing for a higher figure. The Lib Dems dismissed Hunt’s commitment to the triple lock as a “shameless election trick just weeks after they hiked taxes on pensioners in the Budget”.