Keir Starmer reveals Labour plans for pensions with five year pledge

Sir Keir Starmer has made a firm commitment to maintain the pensions triple lock for at least the next five years, should Labour with the next general election, targeting older voters with his pre-election promise. The Labour leader emphasised that pensioners "deserve certainty" and assured that under his leadership, the triple lock would be "protected for the duration of the next parliament".

The policy, which ensures the state pension increases annually by the highest of either wage growth, inflation, or 2.5%, has been a key feature of Conservative governments since its introduction in 2010. However its sustainability has been questioned due to financial implications.

Prime Minister Rishi Sunak has similarly pledged to uphold the triple lock throughout the forthcoming parliament if the Tories secure victory in the next general election. Sir Keir's promise is clearly aiming to appeal to the senior electorate and maintain Labour's significant lead in the polls.

Currently, the over-65s represent the only age group where the Conservatives are more popular than Labour. In an article for the Sunday Express, Sir Keir stated: "Britain's pensioners deserve better. They deserve certainty, and for politicians to be straight with them so they can plan their lives.

"That's why I'm guaranteeing that the pensions triple lock will be in the Labour manifesto and protected for the duration of the next parliament. That guarantee will ensure pensioners can enjoy their golden years. Money to spend on the grandkids, on days out, on holidays all the things that bring colour to our lives. It will also boost the pensions of working-age people as they look forward to their own retirements."

In a message for pensioners, Labour's leader stated: "We will never play fast and loose with your finances. We will never leave you in limbo." From April 8, state pension recipients saw an 8.5% increase equating to an additional £900 annually for full-rate claimants, part of the triple lock commitment.

Concerns have been raised about the long-term sustainabilty of this policy, with the Organisation for Economic Co-operation and Development forewarning that an ageing population and high inflation, alongside the triple lock, could escalate pension expenditure by approximately 0.8% of the gross domestic product by the 2027 to 2028 tax year. However, Sir Keir strongly held that the UK is financially capable of absorbing these costs, asserting: "I reject the arguments of those who say the triple lock needs to go because we can no longer afford to protect pensioners."