In the realm of public policy, few matters are as pressing as securing the welfare of our senior citizens – those who have worked and paid into the system their entire lives. It's a duty borne of moral responsibility and sound economic principles. And is why I’m a strong advocate of a policy that has become a cornerstone of pension support —the Conservative’s triple lock guarantee.
Amidst cost-of-living challenges, it's vital that pensioners are provided with the financial security and dignity they deserve in later life. And is why I wanted to touch on this topic in a week where Labour is refusing to uphold it, and the mainstream media are playing their usual game of ‘gotcha’ by trying to sow doubt and anxiety.
As most will know, the triple lock on pensions is a mechanism that guarantees annual increases in the state pension by the highest of inflation, average earnings growth, or a minimum of 2.5%. It's a policy that has garnered strong support, and for good reason.
At its core, the triple lock serves as a shield for the income of pensioners. It ensures that the pensions of our parents, grandparents and friends adjust in line with the rising cost of living. Something which is vital to prevent financial hardship to those who have left the job market after decades of working hard.
What sets the triple lock apart is its adaptability to economic conditions. It factors in various economic indicators, providing pensioners with a dependable income stream, even during periods of sluggish wage growth or high inflation. This stability proves invaluable during times of economic uncertainty. And is why just 5 months ago, in April, the state pension increased by 10.1 % - the largest increase ever.
And next April – because we are determined to keep the triple lock – it looks set to rise by another significant amount, ensuring pensions rise at a higher rate than inflation.
The triple lock on pensions embodies more than just a policy; it reflects our values, and our vision of the kind of society we aspire to create. A society where we protect pensioners, as we protected those in work with schemes like furlough when the time was needed.
Whilst Angela Raynor and the Labour Party may not want to commit to ensuring pensioners can live in dignity; I stand firmly behind the triple lock on pensions.
