Labour promises to keep State Pension annual uprating under Triple Lock for at least five years

Sir Keir Starmer has vowed to retain the State Pension Triple Lock for at least five years if he enters Downing Street, in a pre-election pitch to older voters. The Labour leader said pensioners “deserve certainty” as he guaranteed the Triple Lock would be “protected for the duration of the next parliament” under his premiership.

Under the Triple Lock measure, State Pensions increase each year in-line with whichever is the highest of average annual earnings growth from May to July, Consumer Price Index (CPI) inflation in the year to September or 2.5 per cent. It has become a hallmark of successive Conservative governments since it was introduced in 2010, but there has been growing concern over the long-term sustainability of the policy.

Rishi Sunak has also promised that the Triple Lock uprating policy would remain in place throughout the next parliament if the Conservatives win the general election.

As a result of the Triple Lock increase of 8.5 per cent, the full, New State Pension is now worth £221.20 each week and as payments are typically made every four weeks, this amounts to £884.80 each pay period. Over the 2024/25 financial year, this is an increase of £902, taking the annual income from State Pension alone from £10,600 to £11,502.

Someone on the full rate of the Basic State Pension will receive £169.50 each week - this amounts to £678 each pay period. Over the 2024/25 financial year, this is an increase of £692, taking the annual income from £8,122 to £8,814.

Sir Keir’s pledge signals his intention to woo older voters and sustain Labour’s double-digit poll lead. Polls show that the over-65s are the only demographic in which the Conservatives have a lead on Labour.

Writing in the Sunday Express, Sir Keir said: “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 aimed at pensioners, the Labour leader added: “We will never play fast and loose with your finances. We will never leave you in limbo.”

There have been concerns about the long-term affordability of the policy, with the Organisation for Economic Co-operation and Development warning that an ageing population and high inflation coupled with the triple lock would push up pension spending by about 0.8 per cent of gross domestic product by the 2027 to 2028 tax year.

But Sir Keir insisted the UK can cover the cost, saying: “I reject the arguments of those who say the Triple Lock needs to go because we can no longer afford to protect pensioners.”