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2024 General Election

UK General Election – what’s next for the triple lock and State Pension in 2024?

Will Labour and the Conservatives keep the triple lock and what’s next for the State Pension in 2024? We take a closer look.
Senior couple sitting on bench in park, rear view- GettyImages

Important information - This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

With just under four weeks until the UK General Election, we’re deep into campaigning territory now and it’s clear the retiree vote will prove vital. And issues around the triple lock and State Pension could prove decisive.

Will the triple lock stay or go?

Almost half of people aged over 55 said they’d be less likely to vote for a party who wanted to axe the triple lock*.

The wider chatter has prompted early assurances from both major parties, Labour and Conservatives, that it’s staying.

The dial’s since been turned up a notch with the Conservative announcement of the ‘Triple Lock Plus’ – a plan aimed at making sure the State Pension isn’t subject to income tax.

It’s a pledge that will prove popular with those who would vote to keep the triple lock. But also with those concerned about the impact frozen tax thresholds are having on their income tax bill.

This article isn’t personal advice. If you’re not sure what’s right for you, ask for financial advice. Remember, pension and tax rules can change, and any benefits depend on individual circumstances.You also can’t access money in a pension until age 55 (rising to 57 in 2028).

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Will the State Pension age rise?

In the push to keep the triple lock, older voters could well have to deal with the prospect of State Pension age rising to contain costs.

The cost of the State Pension is enormous and that means there’s always a chance the government will pull one of its key cost-containing levers and hike the State Pension age. This isn’t a guarantee of course.

This would prove highly unpopular with many retirees and the parties will have to navigate this carefully if they want to avoid losing the retiree vote.

Triple lock debate will continue to hog the headlines, but it’s only one part of a complex jigsaw puzzle that needs looking at from all angles.

Whoever wins the General Election must carry out a comprehensive review of the State Pension, including the triple lock. They will need to make sure it remains sustainable over the long term and retirees have certainty over what they get from the state and when.

Will you need more than the State Pension?

Debate around the triple lock shows just how important saving into a pension is to boost your retirement income.

The State Pension is a foundation of people’s retirement planning, but in reality, it’s nowhere near enough to give people a good standard of living.

Saving into a pension, like a Self-Invested Personal Pension (SIPP), over the course of your working life is vital.

It’s especially important if you need to retire before State Pension age.

With healthy life expectancy at less than age 63 and State Pension age on its way up to 67, someone could find themselves forced to exit the workforce with several years before the State Pension kicks in.

Having a decent amount saved in a pension or SIPP can help you navigate any tricky times with more confidence.

How much do you need to retire?

How much you save and the income your pension provides will significantly impact your retirement plans. That’s why it’s crucial to build up your pension savings as much as you can to fill any financial gaps.

Download our essential guide to see if you're on track for the lifestyle you want or need in the future. Plus, actions to take to make up for any shortfalls.

*Figures are from a survey of 2,000 people by Opinium for Hargreaves Lansdown in April 2024.

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Written by
Helen Morrissey
Head of Retirement Analysis

Helen raises awareness of key retirement issues to help people build their resilience as they move towards their later life.

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Article history
Published: 6th June 2024