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State Pension: Triple-locked out

There are widespread reports this morning that the Conservatives and the DUP have reached an agreement for government, which will include the dropping of Tory plans to scrap the state pension Triple Lock and the means-testing of the Winter Fuel payment.

Tom McPhail, Head of Policy, Hargreaves Lansdown:

'This has to rank as one of the least surprising aspects of the deal. The Conservatives’ assumption they could win the election comfortably whilst withdrawing policy support from their core constituency of older voters back-fired painfully. The DUP position of retaining the Triple Lock and the winter fuel payment allows the Conservatives a welcome way out of this bind in the short-term.

This is not to say that the Triple Lock should be retained indefinitely. There is widespread support for its abolition, however from a political perspective now is clearly not the moment. A possible way through this impasse is to build consensus with the pensions industry and across the political spectrum, through the formation of a Savings Commission to explore the development of a joined up savings policy for the benefit of all ages across society.

It is telling David Gauke, now Secretary of State for Work and Pensions and former Treasury Minister has already gone on record since the election, reiterating Conservative sentiment that the Triple Lock should be abandoned.'

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