Labour vows to keep ‘triple lock’ protection on state pensions

LABOUR will enshrine in law the “triple lock” commitment to raise pensions by at least 2.5% every year.

The policy was introduced under David Cameron and means pensions increase in line with average earnings, inflation or 2.5%, whichever is highest.

Theresa May has refused to commit to maintaining the triple lock and Jeremy Corbyn will seek to woo older voters by vowing to pass new legislation for the policy.

Labour highlighted figures indicating that 300,000 more pensioners were in relative poverty than in 2010, when Mr Cameron entered Number 10.

Meeting pensioners in Norwich today, Mr Corbyn will say: “The Conservatives’ failure to guarantee a decent standard of living for older people, Tory cuts to social care and their failure to protect the NHS are proof that the Tories are abandoning older people.

“With more pensioners in poverty under the Conservatives, it is clear that a Labour government is necessary to provide a secure and dignified retirement for the many who have contributed all their lives.

“Labour will legislate to guarantee the triple lock on state pensions over the next parliament and we’ll protect the winter fuel allowance and free bus passes.”

The Liberal Democrats have committed to keep the “triple lock” protection for state pensions.

But unlike Labour, the party will strip wealthier pensioners of the winter fuel allowance, at a cost of up to £300 a year to older people.